Bitcoin and the rest of the cryptocurrency market have been trading sideways for the better part of the year. However, the trend is starting to reverse as the cryptocurrency market could see a recovery very soon. To that end, a crypto founder has identified the best and worst times to invest in Bitcoin and other cryptocurrencies. According to his predictions, the worst could be over for Bitcoin, and the market could soon see a boom.
The Best and Worst Time to Invest in Bitcoin
Charles Edwards, founder of digital asset hedge fund Capriole Investments, took to X (formerly Twitter) to share when he thinks it’s the best or worst time to invest in Bitcoin. In his post, Edwards attached a screenshot of Bitcoin’s quarterly returns, showing the best and worst performing quarters.
According to reports, the best quarter for Bitcoin is the last quarter of the year, and the worst is the third quarter of the year. This means that the Bitcoin price is currently going through its worst quarter. However, this also means that the downtrend might be about to end since September is almost over.
The average return for Q3 is +5.39%, the worst of all quarters. The worst performing Q2 is Q2, but even that is still high at +26.89%, while the median return for Q4 is actually negative at -4.64%, and it is the only quarter with a negative median return.
In contrast, the fourth quarter was still 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 been through the worst time to be in Bitcoin. The best is yet to come,” the post reads.
Bitcoin Could Hit New All-Time High in October
Based on Bitcoin’s monthly returns, as reported on the Coinglass website, Edwards’ prediction that the decline is almost over seems correct. October, November, and December were some of the most bullish months in history for the currency, and this year could be exactly the same.
If this trend continues, Bitcoin price could see an average increase of around 20% in October. Such a price increase could put BTC price on track for a new all-time high. A continuation of the bullish trend would see Bitcoin price reach a new all-time high by the end of 2024.
Featured image created with Dall.E, chart by Tradingview.com
