‘Uptober’: discover the trend that could boost Bitcoin
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‘Uptober’: discover the trend that could boost Bitcoin
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For the second year in a row, Bitcoin (BTC) could break the negative trend of September and close the month with a very strong rise. But the main attention is focused on the month of October, known in the market as “Uptober“.
The term derives from the combination of two words: up (above, in English), and October (October). Thus, Uptober means the historical positive trend recorded in Bitcoin for the month of October. According to CoinGlass, since 2013 the cryptocurrency has only recorded two Octobers of decline, in 2014 and 2018.
Therefore, the tenth month of the year usually brings positive growth for Bitcoin. And, of course, it influences the rest of the altcoins as well. Therefore, if BTC closes September on a high and repeats this trend in October, the chances of a bullish cycle beginning are very high.
But beyond BTC, new projects with tokens that are still in the pre-sale phase tend to benefit from more capital inflows. And the biggest bets in this cycle are the Memebet, Pepe Unchained and Crypto All Stars tokens.
Bitcoin Historical Data Confirms “Uptober”
According to Coinglass data, October has been the most bullish month of each year since 2013, with BTC recording an average growth of 22.9%. In these years, there have been only two exceptions in 2014 and 2018, when the BTC price saw negative growth, but the declines were only 12.95% and 3.93%, respectively.
Taking into account the last halving cycle, BTC appreciated, in the month of October, 28.52% in 2023, 5.56% in 2022, 39.93% in 2021 and 27.7% in 2020, 10.17%. In addition, in 2020 and 2023 the cryptocurrency also registered a strong increase in all months of the fourth quarter.
Another interesting point is that the month of October also played a significant role in pushing the market to an all-time high three times: 2013, 2021, and 2017. The rally was 60% in 2013, 47% in 2017, and 39% in 2021.
Interestingly, these were BTC’s three best October results in the entire series history, but they occurred in odd-numbered years. But in 2020, Bitcoin saw a strong 27% rally in October, and if that happens this year, the cryptocurrency’s price could close next month above $80,000.
Due to this pattern in Bitcoin price growth, 3 out of 4 analysts have suggested the possibility that 2024 could also see strong gains.
Before Uptober, investors had to endure September, the historically worst performing month of the year, as the cryptocurrency market continued to fall. But unlike other years, BTC performed well this September, with gains of 6% at the time of writing.
‘Uptober’: discover the trend that could boost Bitcoin
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