Expert Predicts Potential $37,000 Price by Year-End

• Historical data suggests Bitcoin’s strongest quarterly performance lies in the final quarter, boasting an average return of over 35% in the past nine years.
• Matrixport’s analysis hints at an optimistic outlook, predicting a potential rise to $37,000 by the end of 2023.

Deciphering Bitcoin’s Q4 Trends

Bitcoin, the digital gold of the cryptocurrency universe, has consistently shown a pattern of robust performance in the last quarter, and if the past is any guide, 2023 might be no exception. Based on a report released by crypto service titan, Matrixport, this legacy cryptocurrency has had an average uptick of more than 35% during Q4 over the preceding nine years.

The month of October, in particular, has been a harbinger of positive tidings for Bitcoin enthusiasts. Out of the last nine years, seven have witnessed a rise in Bitcoin returns during this month, with an average increment of 20%. This trend isn’t just a mere coincidence but could be attributed to several catalysts that seem to play out during this period.

Matrixport’s advanced technical scrutiny brought to light a fresh breakout signal for Bitcoin. Historically, whenever this model was activated, a subsequent average surge of more than 9% followed in a concise timeframe. Such indicators are paramount for traders and investors who rely heavily on data-driven insights.

Anticipating the SEC’s Bitcoin ETF Decision

Adding another layer to the optimism is the looming deadline in October concerning the Bitcoin spot exchange-traded-fund (ETF) filings. The Securities and Exchange Commission (SEC), a major player in the financial regulatory landscape, is poised to either announce its verdict or postpone the decision related to the approval of these ETFs. This decision is pivotal, as ETFs often provide an accessible route for traditional investors to venture into the crypto space without directly holding the asset.

It’s imperative to note that the SEC, earlier in August, deferred its decision on these spot Bitcoin ETF applications. This upcoming verdict, especially if favorable, could act as a significant catalyst, potentially propelling Bitcoin’s price.

As of the latest update, Bitcoin was trading in the vicinity of $27,072. However, the dynamic nature of the crypto market, coupled with external catalysts, makes Bitcoin’s trajectory an exciting one to observe, especially as 2023 nears its conclusion.

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