Bitcoin: Assessing the odds of BTC living up to its history of a profitable Q4

Bitcoin [BTC] current escapade with trading below $20,000 may be in its final stage as some analysts believed that respite was not far away. According to BaroVirtual, a CryptoQuant analyst, BTC shared much correlation with the stock market. Because of this relationship, there could be a return above $21,000. If possible, BTC could trade high […]

a similar stance. However, it seemed that there was more to the projection than met the eye. The exchange data showed that more BTC investors resolved that the current $19,262 was the bottom. This position was evident in the exchange data revealed by Santiment.

According to the on-chain analytic platform, there were 63,900 BTC inflows at press time. This was an from the data on 1 and 2 October. However, the exchange outflow has not been able to match up at 61,200 BTC.If BTC maintains its position, bulls could grab back the market power. Even as there has been a 30% volume increase in the last 24 hours, there were other things to note. On 2 October, Santiment

that 34,723 BTC were moved from exchanges. Usually, this would result in a price uptick. It was noteworthy that the current happening correlated with the rally in June 2022.So, the question revolving around investors’ minds would be if BTC would replicate the June form.While the data mentioned above could have translated into sheer excitement, a word of caution is necessary. According to Peter Brandt, BTC had a 50-50 chance of survival.

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