Bitcoin’s price has been on an upward trajectory, surging by 8% over the past 30 days. This trend has ignited optimism among traders who believe it could be a prelude to a strong performance in the final quarter of the year.
One prominent voice in the market, known as the “Millionaire trader” Unipcs, has highlighted Bitcoin’s historical performance in October. He points out that in eight out of the last ten Octobers, Bitcoin has witnessed price increases. Moreover, during election years, Bitcoin has consistently performed well in the final quarter, suggesting a potential for further gains this year. With the U.S. and China implementing aggressive rate cuts and the U.S. elections approaching in just 36 days, Unipcs sees a favorable environment for Bitcoin bulls.
He also anticipates a boost from the upcoming distribution of $16 billion in stimulus funds from FTX. This, combined with the favorable market conditions, could further propel Bitcoin’s price upward.
Adding to the optimism, Ki Young Ju, the founder of CryptoQuant, believes Bitcoin is still in the midst of a bull cycle. He points to the market cap growing faster than the realized cap, a signal he previously used to predict a Bitcoin peak in April 2025. Another trader, Jelle, also believes Bitcoin could be set for a breakout, citing the formation of a shallow higher low.
IntoTheBlock data reinforces the positive sentiment. They report a 6.05% increase in large transaction volume and a 4.9% rise in daily active addresses. Additionally, exchange netflows have decreased by approximately 70%, suggesting a decrease in selling pressure. With Bitcoin’s price moving upwards, 86% of holders are currently in profit, while 5% are at breakeven.
Looking at historical data, Bitcoin has historically performed exceptionally well in the fourth quarter. Average returns for Q4 are 88%, with a median return of 57%. The combination of positive market signals and the historical trend suggests the possibility of a strong finish to the year for Bitcoin.
While Bitcoin’s price has dipped slightly over the past 24 hours, trading at $63,875, the overall sentiment remains optimistic. The upcoming Benzinga Future of Digital Assets event on November 19th is expected to provide further insights into Bitcoin’s role as an institutional asset class.
