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According to the statistics given by CryptoRank, Bitcoin finished the third quarter of this year down 2% from the previous quarter. With the beginning of October and the final three-month period of 2022, the same statistics hint at the possible closing of quotations of the main market cryptocurrency in the green zone, at least in comparison with the end of September.
Since 2013, BTC has only declined three times in the final quarter — in 2014, 2018 and 2019. For the other six years, Bitcoin has consistently closed in the green, sometimes by more than 200% and 400%. Even last December, when the current bear market was only just gaining momentum, the price of BTC managed to grow by 5.6% at the end of the fourth quarter.
Nevertheless, according to crypto analyst Willy Woo, the current market structure is significantly different from what it was before. So, according to the expert, we still have not seen major sell-offs, and many large hedge funds came to the market in the last two years.
Past cycles bottomed when approx 60% of the coins traded below their purchase price.
— Willy Woo (@woonomic) October 3, 2022
Will we hit this again? I don't know.
The structure of this current market this time around is very different.
Current price action of Bitcoin (BTC)
Both the stock market and Bitcoin are trading up about 2% ahead of today's Fed shutdown. The BTC price momentarily reached the important $19,500 mark, but as expected, it failed to overcome it and bounced back down.
Chances for local growth are present, but non-positive fundamentals and increased volatility associated with the key events of the week create a mixed picture.
Alex Dovbnya
Tomiwabold Olajide
