Eric Trump, co-founder of American Bitcoin Corp. (NASDAQ:ABTC), predicted two months ago that the fourth quarter would be "unbelivable" for the cryptocurrency industry. Many people would agree that he was right, though not in the way he expected.
The Prediction
During a Sept. 26 interview, Trump stated that the fourth quarter will be "unbelievable" for a host of different reasons.
He projected that the M2 money supply would rise and the Federal Reserve would revert to quantitative easing, both of which would serve as optimistic catalysts for cryptocurrencies.
Trump pinned high hopes from the fourth quarter, which has historically been positive for the market.
Now, midway through the quarter, things haven't unfolded quite as he expected.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
The Outcome
Bitcoin and Ethereum, the two barometers of the market, have struggled, falling 16.76% and 23.12%, respectively, since the quarter began.
Historically, Bitcoin has returned 77% on average during the fourth quarter. Similarly, Ethereum has recorded an average increase of 19% during this period.
Don’t Miss The Bigger Picture, Says Trump
Interestingly, Trump argued last week that short-term comparisons miss the bigger picture, stating that Bitcoin has historically averaged ~70% annual returns, far outpacing stocks, gold, and real estate. Volatility, he added, is simply part of the asset’s nature.
Bitcoin, the world’s largest cryptocurrency, is in the middle of a strong correction that has dragged it below $100,000. It was down 24% from its high set last month.
Price Action: American Bitcoin shares closed 2.53% higher at $4.860 during Friday’s regular trading session, according to data from Benzinga Pro.
According to Benzinga's Edge Stock Rankings, the stock lagged on the Value metric and was in a downward trend in the short, medium, and long term. Find out more here.
Photo courtesy: Maxim Elramsisy / Shutterstock.com
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