According to TechFlow, encryption service provider Matrixport said in a report on Wednesday that in terms of performance, the last quarter of this year was the strongest quarter in the history of Bitcoin (BTC), with an average return of more than 35% in the past 9 years.

“If history is any guide, Bitcoin could reach $37,000 by the end of the year,” wrote research director Markus Thielen.

October was a particularly strong month, with Bitcoin posting positive returns in seven of the past nine years, with an average return of 20%, the report said.

Matrixport's technical analysis shows that Bitcoin has recently issued a new breakthrough signal. The last ten times the model was triggered, its price rose by an average of more than 9% in a short period of time.