The leading cryptocurrency, Bitcoin, has been on an upward trend since July. Currently, BTC has closed July and August in positive territory and is preparing to close September in positive te
The leading cryptocurrency, Bitcoin, has been on an upward trend since July. Currently, BTC has closed July and August in positive territory and is preparing to close September in positive territory as well.
A positive end to September would mark a three-month uninterrupted upward trend for Bitcoin between July and September. Historically, Bitcoin has only achieved a limited number of consecutive three-month uptrends during this period.
At this point, with September drawing to a close and October, generally known as the “Uptober” month for BTC, just around the corner, let’s look at the answers to the questions “Does Bitcoin like October? How has it performed in previous Octobers?”
When we look at Bitcoin’s performance over the years and months, we notice that certain months see a concentration of declines, while other months see a concentration of increases.
Looking at the Bitcoin monthly return chart above, we can generally see that March, August, and September are declining months, while February, July, October, and November are rising months.
October, in particular, stands out as one of the key periods in Bitcoin’s historical performance. Examining past data, it’s evident that, unlike September, Bitcoin has mostly ended Octobers with gains since 2013. During this period, there were only three Octobers where Bitcoin experienced a monthly decline, while other years saw positive performance.
If Bitcoin completes its three-month upward trend in September, the market’s focus will shift to its performance in October.
The consecutive price increases and the reputation of October as a bull market have raised investors’ expectations for Bitcoin in October.
While some market cycle models suggest a new bull run may begin in October or November, past cycles alone are not considered a bullish signal.
On the other hand, a trader recently placed a remarkable option trade on a scenario where Bitcoin would be around $95,000 on October 30th.
This transaction stands out as one of the developments indicating bullish expectations for Bitcoin in the options market. However, an options transaction by a single investor does not necessarily mean that Bitcoin will reach the stated level.
*This is not investment advice.
Continue Reading: A Critical Period Begins for Bitcoin: BTC Prepares to Enter a Bull Month! Will History Repeat Itself? Here Are the Data
