A popular cryptocurrency analyst has revealed that they believe that the flagship cryptocurrency Bitcoin ($BTC) could “easily” get to the $25,000 mark this month based on historical returns.
The anonymous host of the InvestAnswers YouTube channel has told his over 440,000 subscribers on YouTube that October is a historically bullish month for BTC, which to him means that the cryptocurrency could trade at $25,000 to $260,000 over the next four weeks.
During the video, the host of InvestAnswers said the average return for October was 28.32%, which would take the crypto currency’s price to the $25,000 mark and beyond. The last time BTC traded at those levels was in August of this year,
The anonymous cryptocurrency analyst added that, compared to other months, October has typically seen the third-highest average monthly returns, behind April and November. Notably, the worst month for BTC has historically been September.
With an average return of 26%+ October has been a good month in the history of #Bitcoin. Hoping to see some bullish moves from #BTC after all it’s #Uptober 🚀
Pic credits: BitcoinMonthlyReturn pic.twitter.com/5wk5M8bGMt
Notably, the cryptocurrency community is predicting a $BTC price rally for October, with over 23,700 users voting on CoinMarketCap’s price estimates tool that the cryptocurrency’s price will surge to $24,900 by the end of October. The figure suggests a 29% rally from Bitcoin’s current $19,200 level.
Some analysts are even more bullish on the cryptocurrency. As CryptoGlobe reported, a former hedge fund manager has estimated that BTC will trade at $12.5 million per coin in a decade after the collapse of the U.S. dollar.
In an interview with Altcoin Daily, Robert Breedlove, CEO, and founder of cryptocurrency investment firm Parallax Digital, said the flagship cryptocurrency’s price will explode until 2031 while the U.S. dollar will crater. The analyst sees the U.S. dollar “hyperinflate to zero” in that time.
It’s worth noting that, after cryptocurrency prices dropped significantly earlier this year some whales started showing signs of capitulation, with on-chain data showing that the amount of bitcoin held by whales has been dropping over the last 11 months as fears of inflation and a financial recession keep on growing.
Per the firm, addresses holding 100 to 10,000 BTC have lowered their percentage of supply held of BTC to a 29-month low amid their distribution of tokens. The last time whales have held onto such a low amount of BTC was in April 2020, during a sell-off triggered by the COVID-19 pandemic.
Featured image via Unsplash
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
