Bitcoin Set for Best Q3 Since 2017 Despite Recent Pullback
Bitcoin's third quarter has been its strongest in nine years, with a gain of more than 42% since early July. The cryptocurrency ended the week at $84,450, its highest weekly closing level since late January, before pulling back to around $83,800 on September 29.
The price remains below its annual opening price of $88,700, but buyers who entered the market in the past four weeks are still generally profitable, with an average acquisition price near $78,300 according to CryptoQuant data.
Analyst Rekt Capital notes that the current Bitcoin structure resembles its exit from the 2022 bear market, with a long accumulation zone built around $30,000 in 2023. Maintaining above the immediate technical support of $82,500 would allow Bitcoin to form a new consolidation phase before a possible recovery.
However, this performance does not guarantee an automatic continuation of the rise, and the fourth quarter has historically produced an average return close to 77%. The release of decisive US data on inflation and employment could revive volatility and potentially weigh on Bitcoin's price.