Today is a big day for Bitcoin, which is heavily influenced by the FED's interest rate decision and Powell's statements. Because the FED will announce its interest rate decision at 21:00 (UTC) (18:00 UTC), and Powell will speak at 21:30 (18:30 UTC).
At this point, while investors were wondering in which direction BTC would move, a bullish report came from crypto service provider Matrixport.
According to Coindesk, Matrixport research head Markus Thielen said that BTC could reach $ 37,000 by the end of the year.
Comparing Bitcoin's data from previous years with now, Thielen wrote that the last quarter of the year was historically the strongest quarter in terms of BTC's performance and that BTC has generally achieved an average return of more than 35% in the last quarter over the last nine years.
“When we examine historical data on Bitcoin, we see that BTC has generally outperformed in the fourth quarter, returning an average of more than 35% over the last nine years.
If history repeats itself at this point, Bitcoin could reach $37,000 by the end of the year.
Also, if we look at the month of October, October appears to be a very strong month. “In seven of the last nine years, Bitcoin has delivered an average positive return of 20% in October.”
Apart from this historical data, the report stated that another potential catalyst for BTC was the SEC's announcement in October of its decision on whether to approve the spot Bitcoin ETF.
*This is not investment advice.
