Bitcoin

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 <p>Squashing September scares away, Bitcoin achieved a significant surge this month. Traditionally, this period has tended to be unfavorable for the leading <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>. However, in the past few days, BTC has experienced an increase in value, rising from a low point of nearly $25,000 to reach as high as $27,000. Over the past two weeks, Bitcoin has demonstrated a 5.5% increase in its value. It looks like the asset was setting the stage for a potential surge that is underway. </p> 
 <p>As per a recent Matrixport report, Bitcoin is projected to reach a peak of $37,000 by the end of 2023. Furthermore, this forecast is notably supported by the potential for an upswing in October. The <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> service provider emphasized that historically, the last quarter of the year has been Bitcoin’s strongest. This is in terms of performance, boasting an average return of over 35% over the past nine years.</p> 
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  <img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp" alt class="wp-image-112688" srcset="https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 1536w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 380w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 550w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 800w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 1160w, https://cdn.thebittimes.com/images/2023/09/21/5221750a330bde7682d8aa3fa8450b37.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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 <p>As seen in the image, October has consistently appeared as one of the most bullish months for BTC throughout its history. Even during the 2022 bear market, the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> saw a substantial increase of 5.56%. In 2021, Bitcoin experienced a remarkable surge of almost 40% during the same month.</p> 
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 <p>But that’s not all; another potential event to watch out for in October is the second deadline for Bitcoin spot exchange-traded-fund [ETF] submissions. During this time, the Securities and Exchange Commission [SEC] will decide whether it intends to approve these ETFs or delay its decision.</p> 
 <p><strong>Also Read: 910 Bitcoins From 2012 Moved After 10+ Years of HODLing</strong></p> 
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 <h4 class="wp-block-heading" id="h-other-factors-that-could-aid-bitcoin-s-growth">Other factors that could aid Bitcoin’s growth</h4> 
 <p>According to recent reports, the portion of the Bitcoin supply that has not been active in an address for one, three, and five years has consistently reached all-time highs since July 2023. This indicates that investors are opting to hold onto their BTC rather than selling it. This behavior is seen as a positive sign. It also instills hope that Bitcoin’s value is likely to increase, which is considered a bullish sentiment.</p> 
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  <img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp" alt class="wp-image-112691" srcset="https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 1536w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 380w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 550w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 800w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 1160w, https://cdn.thebittimes.com/images/2023/09/21/e36ab7f9faa94ff932a6d9dafdf90c04.webp 1800w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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 <p>Another indicator of Bitcoin accumulation by holders was the decrease in exchange holdings. This reached its lowest level in a year. CryptoQuant charts also illustrate a consistent decline in BTC outflows from exchanges since July 2021, leaving just slightly over 2 million BTC remaining on these platforms.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="645" src="https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp" alt class="wp-image-112692" srcset="https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 1536w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 380w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 550w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 800w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 1160w, https://cdn.thebittimes.com/images/2023/09/21/f7230037836e2619277f986c1766d902.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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 <p><strong>Also Read: Bitcoin Could Hit $28,000 But Faces 13% Correction Risk</strong></p> 
 <p>All these indicators point towards a possible upward trend for the king coin. Nonetheless, the rejection of an ETF has the potential to be unfavorable for Bitcoin, potentially leading to a bearish scenario.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-poised-to-hit-37k-before-2024-matrixport-tbt63443.html">https://thebittimes.com/bitcoin-poised-to-hit-37k-before-2024-matrixport-tbt63443.html</a></p>

Bitcoin Poised to Hit $37K Before 2024 - Matrixport

TheBitTimes

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