Bitcoin and the rest of the crypto market have been trading sideways for the better part of the year, but there are signs that a recovery trend could be on the horizon. A crypto founder, Charles Edwards, has identified the best and worst times to be an investor in Bitcoin and other cryptocurrencies. According to his analysis, the worst may be over for Bitcoin, and the market could be heading for a strong performance soon.
Edwards shared his insights on X (formerly Twitter), highlighting the best and worst times to be in Bitcoin. He attached a screenshot showing quarterly returns for Bitcoin, revealing that the best quarter is the last quarter of the year, while the worst is the third quarter. This indicates that Bitcoin is currently in its worst-performing quarter, but the downtrend may be coming to an end as September draws to a close.
The average returns for the third quarter are shown to be +5.39%, the lowest of any quarter. The second worst-performing quarter is the second quarter, with returns of +26.89%, while the fourth quarter has negative median returns of -4.64%. However, the fourth quarter has historically been bullish, with average returns of +88.84% and median returns of +56.90%.
With less than two weeks left in the third quarter, Edwards believes that the worst is behind us. He expressed optimism for the future, stating, “If you are still here, congratulations. You made it through the worst time to be in Bitcoin. The best lies ahead.”
Looking at the monthly returns for Bitcoin on the Coinglass website, it appears that Edwards’ forecast of a turnaround may be accurate. October, November, and December have historically been bullish months for Bitcoin, and this year could follow the same pattern. If this trend continues, the Bitcoin price could see an average increase of around 20% in October, potentially setting it on a path to a new all-time high by the end of 2024.
The potential for a new all-time high is supported by a bullish trend in the Bitcoin price chart from Tradingview.com. BTC bulls are reclaiming control of the price, indicating a positive trajectory for the cryptocurrency.
In conclusion, despite a period of sideways trading, there are indications that the crypto market, particularly Bitcoin, could be on the cusp of a recovery. With the worst-performing quarter coming to an end and historically bullish months ahead, investors may have a lot to look forward to in the near future. As Bitcoin continues to show resilience and potential for growth, the outlook for the cryptocurrency market appears promising.
