Uptober is Coming: Analyst Predicts Bullish Bitcoin Surge in October

The post Uptober is Coming: Analyst Predicts Bullish Bitcoin Surge in October appeared first on Coinpedia Fintech News

With just 5 days left to begin October month, many in the crypto world are eagerly waiting for a potential Bitcoin (BTC) rally. According to a recent post by renowned crypto analyst CryptoBusy, the coming month could kickstart a long-awaited bull run for Bitcoin, following a familiar pattern seen after previous halving events.

Bitcoin’s Price History After Halvings

CryptoBusy shared a key observation about Bitcoin’s behavior after previous halving events. In both 2016 and 2020, Bitcoin saw little movement for several months following the halving, staying mostly flat. However, once October arrived, the price shot up, hitting new highs. 

This trend has been noted as a sign that Bitcoin often experiences a big boost in October, following its halving.

Following the recent halving in 2024, Bitcoin has been moving sideways once again. The price has stayed stable without any major upward or downward shifts. With only five days left until October begins, many are now expecting this month to follow the same pattern seen in 2016 and 2020, where Bitcoin’s price soared after a period of sideways movement.

Why October is Bitcoin’s Bullish Month

According to Coinglass data, October has always been a standout month for Bitcoin, often dubbed “Uptober.” Over the past 13 years, Bitcoin has seen an average price increase of 22.9% in October. Only two times when Oct faced a minor decline in, 2014 and 2018, but overall, October has been a consistent month for gains.

In 2023, Bitcoin surged by 28.52%, 5.56% in 2022, and an impressive 39.93% in 2021. The month of October, often dubbed “Uptober,” has a track record of not only pushing Bitcoin prices higher year after year but has also played a key role in triggering bull runs. Crypto experts believe we could be on the verge of another one. 

US Election Could Fuel Bitcoin’s Rally

The upcoming US election might give Bitcoin another push. Presidential candidates like Donald Trump, once a crypto critic, now openly support Bitcoin. Trump even vowed to make the US a crypto capital, hinting that he’d fire SEC Chair Gary Gensler. 

Meanwhile, Vice President Kamala Harris is also showing support for the crypto industry, even accepting donations through Coinbase as per a Coinpedia News report. Both candidates are using crypto as a key part of their campaigns, which is making investors hopeful for a big price boost.

Is $100K Bitcoin Around the Corner?

With October’s strong history and political backing, Bitcoin could be headed for big gains. Some analysts believe we may see Bitcoin soar past $100K soon. 

As “Uptober” approaches, all eyes are on whether this month will kick off the next major bull run.