What do you believe is the single most important factor driving up the cost of living in Nigeria?

Bitcoin's BTC/USD 8% uptrend over the past 30 days is seen by traders as a precursor to what may be coming in the year’s final quarter.

What Happened: “Millionaire trader” Unipcs highlighted that eight out of ten Octobers have seen Bitcoin rise in value. Moreover, during election years, Bitcoin has consistently performed well in the last quarter of the year.

With the U.S. and China initiating aggressive rate cuts and the U.S. elections just 36 days away, the trader predicts a favorable environment for crypto bulls. He also anticipates the upcoming distribution of FTX’s $16 billion stimulus to boost the market.

CryptoQuant founder Ki Young Ju sees Bitcoin still in the middle of the bull cycle, as its market cap is growing faster than realized cap. Back in May, the analyst predicted Bitcoin to peak in April 2025 based on this signal.

Crypto trader Jelle stated that with a shallow higher low forming, Bitcoin may break out again later in the week.

The trader also highlighted Bitcoin’s strong performance in previous fourth quarter, with an average return of 88% and a median return of 57%.

One more day until Q4 starts, and Q3 is behind us.

We move from what tends to be the worst-performing quarter of the year, into what tends to be the best-performing quarter of the year.

Average return for Q4: 88%

Median return for Q4: 57%.

We're in for a ride.#Bitcoin pic.twitter.com/nHACNroSVm — Jelle (@CryptoJelleNL) September 30, 2024

IntoTheBlock data shows large transaction volume increased by 6.05% and daily active addresses rose by 4.9%. Exchanges netflows are down by around 70%. With prices making positive moves, 86% of Bitcoin holders are in profit and 5% are at breakeven.

Price Action: In the past 24 hours, BTC prices are down 3.1% to $63,875.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

• Read More