This Crypto Analyst Believes October Will Be a Bullish Month for Bitcoin Stock, and Here’s Why.

Bitcoin Stock

Bitcoin stock (BTC-USD) was trading at $19,318 at the time of writing, up over 2% in the past seven days.

Bitcoin stock (BTC-USD) might reach $26,000 in the next four weeks, according to James Altucher.

The Market, Crypto and Bitcoin Stock

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The presenter and creator of InvestAnswers, cryptocurrency guru James Altucher, believes that as the fourth quarter starts, October will be traditionally a strong month for Bitcoin stock (BTC-USD)

Based on the average return for October, he believes Bitcoin stock (BTC-USD) might reach $26,000 in the following four weeks. Bitcoin reached a price of more than $26,000 in June, and the last time it went beyond $25,000 was in August.

Bitcoin (BTC-USD) was trading at $19,318 at the time of writing, up about 2% in the previous seven days.

“Looking forward to October, the average return for October is 28.42%, implying that the Bitcoin (BTC-USD) price will rise to about $25,000-$26,000. So we’ll see what happens. We were just a few thousand dollars away from that level not long ago, and we could easily return to it, “He said.

According to James, October has the third-highest average monthly return.

“Let’s see how October compares to previous months in Bitcoin’s history. September is red, while August is close to breakeven. However, October is traditionally the third-best month. As a result, many individuals refer to it as “Uptober.”

Last week, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that rules might assist the cryptocurrency business, including a possible increase in Bitcoin’s price.

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About the author: Okoro Chinedu is a freelance writer specializing in health and finance, with a keen interest in cryptocurrency and blockchain technology. He has worked in content creation and digital journalism. Since 2019, he has written on various online platforms, and his work has been recognized by several important media sources and specialists in finance and crypto. In addition to writing, Chinedu enjoys reading, playing football, posing as a medical student, and traveling.