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Bitcoin Might Be Set to Have a Bullish October

A popular cryptocurrency strategist has come out to express optimistic bullish opinions toward Bitcoin as the year steps into the last quarter. InvestAnswer’s anonymous YouTube host got the attention of his over 440,000 channel subscribers in his new video broadcast.

Early Predictions

The YouTube host said via his latest video that October, and by extension, the fourth quarter generally, is historically a bullish period for Bitcoin. According to him, the market’s leading crypto asset could rise to as high as $26,000 in the course of the next four weeks. He based this on the average return set for the month of October.

Note that the last time Bitcoin was in the $26,000 area was in June and it actually rose beyond the $25,000 mark last in August. The YouTube channel host said that Bitcoin will perform better than before if it is able to hold its current levels.

Looking into October, it is expected that Bitcoin’s average return will be 28.42%. That would then see the price of Bitcoin going high between $25,000 and $26,000. We will observe if it gets there, he said.

The host postulated that it should be easy to get back to the $25,000 level since the price was there “not too long ago.” In comparison with other months, the InvestAnswers host said that October usually gave the third-largest return of every month.

Macroeconomic Repercussions 

He proceeded to do an analysis and overview of October in contrast with other months in previous years. His analysis showed September to be in the red zone while August indicated a slight break even period. But he showed October to have been the third-highest month and it amounted to the reason why it is widely called “Uptober,” according to him.

Bitcoin currently trades at $19,411 as of the time of this publication.

Macroeconomic situations have been exerting heavily on the crypto market for a couple of months and the chokehold seems to get worse. The US Federal Reserve’s resolution to keep increasing interest rates till inflation is brought down has sent stocks and asset markets crashing.

Investors are typically pulling out funds from assets that could get affected by a likely recession and running to the US Dollar to take refuge. The choice of other top central banks to follow suit with the Feds has not helped matters. The fear of imminent recession has become global and the crypto market is bearing part of the brunt.

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