$BTC: Crypto analyst explains why Bitcoin ‘could easily get’ to $25,000 this month
A popular cryptocurrency analyst has revealed that they believe flagship cryptocurrency Bitcoin ($BTC) could “easily” reach the $25,000 mark this month based on historical returns.
The anonymous host of the InvestAnswers YouTube channel has told his over 440,000 YouTube subscribers that October is a historically bullish month for BTC, which for him means the cryptocurrency could trade from $25,000 to $260,000 over the next four weeks.
During the video, the host told InvestAnswers that the average return for October was 28.32%, which would take the cryptocurrency’s price to the $25,000 mark and beyond. The last time BTC traded at these levels was in August of this year,
The anonymous cryptocurrency analyst added that compared to other months, October has typically seen the third highest average monthly return, behind April and November. In particular, the worst month for BTC historically has been September.
In particular, the cryptocurrency community is predicting a $BTC price rally for October, with over 23,700 users voting on CoinMarketCap’s price prediction tool that the cryptocurrency’s price will rise to $24,900 by the end of October. The figure suggests a 29% rally from Bitcoin’s current $19,200 level.
Some analysts are even more bullish on the cryptocurrency. As CryptoGlobe reported, a former hedge fund manager has estimated that BTC will trade at $12.5 million per coin within a decade of the collapse of the US dollar.
In an interview with Altcoin Daily, Robert Breedlove, CEO and founder of cryptocurrency investment firm Parallax Digital, said the flagship cryptocurrency will explode until 2031 while the US dollar will crater. The analyst sees the US dollar “hyperinflating to zero” at that time.
It’s worth noting that after cryptocurrency prices fell significantly earlier this year, some whales began to show signs of capitulation, with on-chain data showing that the amount of bitcoin held by whales has declined over the past 11 months as fears of inflation and a financial the recession continues to grow.
According to the firm, addresses holding 100 to 10,000 BTC have dropped their share of the supply of BTC to a 29-month low amid the token distribution. The last time whales held such a low amount of BTC was in April 2020, during a sell-off triggered by the COVID-19 pandemic.
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