• Wed. Nov 30th, 2022

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Bitcoin (BTC) Is Primed for a Bullish October Based on One Metric, According to InvestAnswers – The Daily Hodl

A widely followed crypto strategist is expressing bullish sentiment for Bitcoin (BTC) as the last quarter of the year begins.

The anonymous host of InvestAnswers tells his 444,000 YouTube subscribers in a new video that October is historically a bullish month for Bitcoin.

According to the host of InvestAnswers, Bitcoin could hit up to $26,000 over the next four weeks based on the average return for October. Bitcoin last recorded a price of over $26,000 in June while it last rose above $25,000 in August.

“If Bitcoin can hold in and around its level, it’ll be better than previously…

Looking forward to October, the average return for October is 28.42%, which would take the Bitcoin price up to about $25,000 – $26,000. So, we’ll see if it goes there.

Twenty-five thousand dollars is where we were not too long ago, and we could easily get back to that level.”

Source: InvestAnswers/YouTube

Compared to other months, the host of InvestAnswers says that October has typically offered the third-highest average monthly returns.

“Let’s look at how October benchmarks against other months in the history of Bitcoin…

Here you can see September is red. August is kind of like breakeven.

But October is the third-best month historically. And that’s why many people refer to it as Uptober.”

Source: InvestAnswers/YouTube

Bitcoin is trading at $19,411 at time of writing, flat on the day.

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Featured Image: Shutterstock/Liu zishan