The final quarter of each year has traditionally seen Bitcoin (BTC) perform exceptionally well, with an average return exceeding 35% over the past nine years, as reported in a recent analysis by crypto services provider Matrixport.
Markus Thielen, Head of Research at Matrixport, has suggested that based on historical performance, Bitcoin may potentially reach $37,000 by the end of this year.
The month of October is notably robust for Bitcoin, with positive returns in seven of the last nine years and an average return of 20%, according to the report.
Matrixport’s technical analysis has identified a recent breakout signal for Bitcoin. In the ten previous instances when this signal was triggered, Bitcoin’s price increased by an average of more than 9% in a relatively short timeframe.
Bitcoin’s Year-End Performance Could Lead to $37,000 Target, According to Historical Data
Another potential driver for Bitcoin in October is the second deadline for the approval or postponement of Bitcoin spot exchange-traded-fund (ETF) filings by the U.S. Securities and Exchange Commission (SEC).
The SEC had previously announced a delay in its decision on whether to approve all spot Bitcoin ETF applications, pushing the decision deadline to October.
At the time of publication, Bitcoin was trading around $27,072.