Bitcoin Bulls Gear Up for Fourth Quarter Showdown

Bitcoin is off to a strong start for the month of October. The bitcoin price has gained more than 8% in the last 24 hours and is barreling toward $48,000. Investors are gearing up for the fourth quarter, which historically is where bitcoin can do some of its best work.

Will Clemente, lead insights analyst at Blockware Solutions, provided an analysis of the bitcoin price in Q4 going back to 2012. In that period, bitcoin ended the final quarter of the year in the green more frequently than it finished in the red, six times to four.

Final Stretch of 2021

While it is unclear if the bulls will stay in control in this year’s Q4, market leaders are gearing up for the final stretch. Dan Held, growth lead at cryptocurrency exchange Kraken, tweeted that he is in the middle of his third bitcoin bull run. From what he’s seen, “Q4 is the main show.”

Analyst PlanB previously predicted, using price and on-chain data, that bitcoin would close out Q3 above $43,000. As it turns out, he was right.

PlanB’s upcoming targets are for bitcoin to be trading at higher than $98,000 at the end of November and more than $135,000 by the end of the year. He is placing his bets based on the bitcoin stock-to-flow model that he created.

Long-Term Outlook

Billionaire Mike Novogratz, founder and CEO of Galaxy Digital, told CNN that his firm is in the middle of hiring a senior Washington, D.C. executive to liaise with lawmakers on both sides of the aisle. Galaxy Digital is making this key hire as regulators continue to have bitcoin as well as decentralized finance (DeFi) in their sights. He says that the cryptocurrency industry has done a poor job educating politicians on crypto, which is something that needs to happen.

Novogratz believes that SEC chief Gary Gensler should be worried about certain areas of the industry but on-chain transactions are not one of them. Instead, he says they should focus on organizations taking the role as banks even though they’re not and allow too much leverage for consumers.

The Galaxy Digital chief does not shy away from making price predictions. He says that bitcoin will be trading at more than $500,000 in the next decade. He forecasts that three-quarters of cryptocurrencies won’t survive.

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