Cryptocurrency strategist James Altucher, the host and founder of InvestAnswers, says that as the last quarter of the year begins, October will be historically a bullish month for Bitcoin BTC/USD.
According to him, Bitcoin could rise up to $26,000 over the next four weeks, based on the average return for October. In June, Bitcoin recorded a price of over $26,000; and August was the last time it rose above $25,000.
At the time of writing, Bitcoin was trading at $19,318, up close to two percent in the last seven days.
"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," he said.
James has also said that October has 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 like breakeven. But October is the third-best month historically. And that's why many people refer to it as Uptober."
Last week, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that regulations could benefit the crypto industry, including a potential boost to the price of Bitcoin.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month