Q4 has been Bitcoin’s best performance by far, historically
on-chain analytics firm sentiment Reportedly 34,723 BTC moved off exchanges on 30 September, the highest in more than three months and the fourth largest bitcoin move in 2022.
This remains a potentially bullish indicator for the lead crypto asset, as Santiment indicates it may point to trader confidence heading into Q4. It notes that the last time such a large quantity of BTC left exchanges was June 17, after which prices increased by almost 22% in the weeks that followed.
In its most recent analysis, on-chain data analytics firm Cryptoquant noted that exchange reserves have lost more than 60,000 BTC during the past three days. It added that this is the highest amount in months and could indicate a return of demand in the market after months of falling prices.
While exchange outflows remain positive, less supply on exchanges might imply lower selling pressure by market participants.
BTC is currently trading with a slight downside at $19,281. Following the weak price performance in September, sentiment among traders remains low, which could be another potential bullish indicator.
Crypto analyst Ali, referring to Santiment data, wrote that “The market sentiment toward Bitcoin remains negative. Social data from santimentfeed shows a weighted sentiment score of -0.33, while talk of BTC on social media sits way below 20%, indicating that interest for BTC has waned.”
Historically, Q4 has been Bitcoin’s best performance ever
Bitcoin (BTC) failed to hold the $20,000 mark at the close of September as it ended the month low at $19,425. Limiting the 3.16% loss in September, bitcoin has yet to show any growth in October, with prices down 1.64% so far in the month.
Will Clemente, a crypto analyst, highlights a historical positive Q4 for Bitcoin “Historically Q4 has been Bitcoin’s best performance by far, with an average quarterly return of +103.9%. October and November have been its best performing individual months with avg returns of 24% and 58%. Does seasonality matter? Let’s see.”
It remains to be seen whether history will repeat itself in this scenario.
