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Seasonality has a considerable impact on investors' psychology, and often pans itself out as a self-fulfilling prophecy. If you're not convinced, just take a look at the sell-off in May and the extreme volatility in September. If you were to superimpose these seismic events onto the historical monthly returns, you will be able to see a strong correlation. Historically, Bitcoin has a tendency to gain 11%-18% in the fourth quarter, which is one of the key reasons why many market participants are now maintaining a bullish outlook on it. Of course, this sentiment is not without logic. Certain on-chain metrics also support this prevailing bullish stance, as BTC's latest rally has not been met with extreme fluctuations in the implied volatility chart. Rather, both short and long-term implied volatility levels have remained relatively flat, suggesting that the market is healthy, with sentiments in check.