As the Bitcoin price approaches record highs, recently surpassing the $121,000 mark, analysts are increasingly optimistic about the cryptocurrency’s trajectory for October, often termed “Uptober.”
Following a positive September—where the Bitcoin price recently posted a gain of 3.91%—the stage appears set for another fruitful October. Bitcoin has an impressive October win rate of 83%, having only recorded losses in the month twice since 2011.
In 2014, the cryptocurrency fell by 12.95%, and in 2018, it dropped by 3.83%. This remarkable track record highlights October as one of the most profitable months for Bitcoin holders, with an average return of 20.62%.
For instance, in 2015, the Bitcoin price rose by 33.49% after a September increase of 2.35%. Similarly, in 2023, a 3.91% gain in September translated to a substantial 28.52% increase in October.
If Bitcoin were to replicate its historical average return of 20.62% this October, a price point around $143,539 could be on the horizon. Even if it aligns with the median return of 14.71%, investors could see new records reaching just above $136,000.
Recent performance has seen a robust 11% weekly candle, further fueling optimism. Additionally, with gold experiencing a significant run, the expert suggests that the Bitcoin price appears poised to catch up.
Van de Poppe has expressed confidence that, if current trends continue, the market’s leading cryptocurrency could not only hit $150,000 this quarter but also achieve a new all-time high within the month.
When writing, BTC trades at approximately $121,669, only 2% below all-time high levels above $124,000.
Featured image from DALL-E, chart from TradingView.com
