Bitcoin and the entire crypto market has been trading sideways for the better part of a year now. However, the situation is starting to change as there may be a trend of recovery in the crypto market in the near future. So far, the crypto founder has identified the best and worst times to be an investor in Bitcoin and other cryptocurrencies. Going by his prediction, the worst may be over for Bitcoin, and the market may be in a good time soon.
The Best and Worst Time to Be in Bitcoin
Charles Edwards, founder of hedge fund focused on digital assets Capriole Investments, took to X (formerly Twitter), to share with him when he thinks it is the best time to be in Bitcoin. In the post, Edwards attached a screenshot of Bitcoin’s quarterly returns, showing the best and worst performing areas.
According to information, the best quarter for Bitcoin is the last quarter of the year, and the worst is the third quarter of the year. Going by this, it means that the price of Bitcoin is currently going through its worst performing quarter. However, this also means that the downtrend may be coming to an end as the month of September draws to a close.
The average return for the third quarter is shown to be +5.39%, the worst of any quarter. The worst performing second quarter is the second quarter, but even that remains high at +26.89%, while the average return for the fourth quarter is actually negative at -4.64%, the only quarter with a negative average return.
In contrast, the fourth quarter has been bullish, with an average return of +88.84% and an average return of +56.90%. With two weeks to go until the third term, Edwards believes the worst is over. “If you’re still here, congratulations. You have reached the worst time to be in Bitcoin. The best is yet to come,” the text reads.
BTC Could Jump To New All-Time High In October
Going by the monthly returns of Bitcoin, as shown on the Coinglass website, Edwards’ prediction that the decline is over seems to be correct. The months of October, November, and December have been some of the best coin months in history, and this year could be just the same.
If this trend holds, then the price of Bitcoin could be looking at an average increase of 20% in October. Such a price increase could set the price of BTC on a path to new highs. The continuation of the bullish trend will see the price of Bitcoin reach a new high by the time the year 2024 ends.
The featured image was created with Dall.E, a chart from Tradingview.com