In the world of Bitcoin and altcoins, reports about price expectations for the end of 2023 are announced from time to time. Generally, reports set targets based on market developments. The latest report came from Matrixport. Let’s look at the details.
Matrixport announced its Bitcoin target
A recent report from crypto services provider Matrixport attracts attention. Accordingly, the last quarter of the year is historically the strongest performance of Bitcoin BTC. Over the last nine years, Bitcoin has delivered an impressive average return of over 35% in Q4. This also made it a season of significant potential.
Matrixport Research Manager Markus Thielen expresses optimism in the report. Accordingly, he suggests that if historical patterns continue, Bitcoin BTC could rise to $37,000 by the end of this year.
October: A strong month
There is an important point that stands out in Matrixport’s report. October is historically characterized by strong Bitcoin performance. In the last nine years, October has produced positive returns for Bitcoin seven times. On the other hand, the average return was 20%. This historical trend points to the potential for exciting developments in the coming month.
On the other hand, matrixport also includes technical analysis. Accordingly, Matrixport’s technical analysis points to the last breakout signal of Bitcoin BTC. When this particular pattern was triggered in the last ten instances, Bitcoin’s price witnessed an average increase of over 9% in a short time frame. This indicates a potential uptrend that investors and enthusiasts should keep an eye on.
Upcoming catalyst: Bitcoin ETF decision
October could be another important catalyst for Bitcoin’s price trajectory. October marks the second deadline for Bitcoin spot exchange-traded fund (ETF) filings with the Securities and Exchange Commission (SEC). The SEC will either announce or delay its decision regarding approval of these ETFs. Accordingly, this will add an element of expectation to this month. In August, the regulator announced its plan to delay its decision to approve spot BTC ETF applications until October. This delay has the potential for a positive outcome that will affect Bitcoin’s performance. On the other hand, it creates increasing expectations among market participants in the BTC and altcoin world.
As Kriptokoin.com approaches the last quarter of the year, Bitcoin enthusiasts are wondering whether historical trends will be valid once again. There are also expectations as to whether it will take the cryptocurrency to new heights by the end of 2023.
