The fact that Bitcoin is now 33% behind the record level does not scare Fundstrat, and the firm remains confident that both Bitcoin and Ethereum will reach record highs before the end of the year.
In a note Wednesday, Fundstrat said potential catalysts are imminent that could help fuel a surge in the crypto space. These catalysts include historical data for October, the potential approval of a Bitcoin ETF by the SEC, and Ethereum’s highly anticipated network updates.
Bitcoin and Ethereum need to rise 50% and 46% to eclipse the record highs of around $65,000 and $4,380 respectively. And Fundstrat thinks Bitcoin could go higher.
Pointing to the positive historical data for Bitcoin price returns in October, Fundstrat said when it comes to Bitcoin, “the bears start to hibernate in the fall.”
BTC has had positive returns since 2011, with an average return of 32% on October 6th. This compares to a weak September with a largely negative yield with an average return of 15%.
Fundstrat stated, “The crypto-asset performed quite well in October following lousy September performances that are often filled with meteoric setbacks.” used the phrases.
Alongside these, Fundstrat stated that SEC Chairman Gary Gensler is open to the idea of a Bitcoin ETF to be registered under the Investment Company Act of 1940.
Finally, Ethereum may receive a higher level of interest from investors as another highly anticipated network update is approaching, which will transition to a Proof-of-Stake model. “We expect positive sentiment surrounding this milestone that could lead to increased speculative buying,” Fundstrat said. used the phrases.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.