Bitcoin and the rest of the crypto market are trading sideways for most of the year now. However, the tide is starting to turn as there could be a recovery trend for the crypto market soon. To achieve this, a crypto founder has identified the best and worst times to be an investor in Bitcoin and other cryptocurrencies. Going by his prediction, the the worst could be over for Bitcoinand it could well be that the market will soon be doing well again.
Best and Worst Time to Be in Bitcoin
Charles Edwards, founder of digital asset-focused hedge fund Capriole Investments, went to X (formerly Twitter) to part when he thinks it’s the best or worst time to be in Bitcoin. In the post, Edwards included a screenshot of quarterly returns for Bitcoin, showing the best and worst performing quarters.
According to the information, the best quarter for Bitcoin is the last quarter of the year, and the worst is the third quarter of the year. If we follow this, it means that the Bitcoin price is currently in its worst performing quarter. However, this also means that the downward trend is almost over, as the month of September is almost over.
The median returns for the third quarter turn out to be +5.39%, the worst of all quarters. The next worst performing quarter is the second quarter, but even that remains high at +26.89%, while the median returns for the fourth quarter are actually negative at -4.64%, and it is the only quarter with a negative median return.
In contrast, the fourth quarter was consistently bullish, with average returns of +88.84% and median returns of +56.90%. With less than two weeks left in the third quarter, Edwards believes the worst is over. “If you’re still here, congratulations. You’ve got the worst time to be in Bitcoin“The best is yet to come,” the message read.
BTC Could Hit New All-Time High in October
When we look at the monthly returns for Bitcoin as depicted on the Coinglass websiteEdwards’ prediction that the decline is almost over appears to be correct. The months of October, November and December were some of the most bullish months for the coin in history, and this year could be exactly the same.
If this trend continues, the Bitcoin price could increase by around 20% on average in October. Such a price increase would the BTC price on its way to a new record. A continuation of the bullish trend would Bitcoin price hits new record by the end of the year 2024.
Main image created with Dall.E, chart from Tradingview.com