29.6 C
New York
Tuesday, June 25, 2024

Uptober: A Promising Month for Bitcoin (BTC)?

Must read

Uptober: A Promising Month for Bitcoin (BTC)?

  • Bitcoin’s (BTC) price stabilized and found strong support at the $27,500 range.
  • Since 2011, Bitcoin has experienced cumulative growth surpassing 20,000,000%.

As October dawns upon the crypto world, historical data suggests that Bitcoin (BTC) may be gearing up for a potentially bullish month. The oldest crypto gem has often witnessed an upswing in its fortunes during this time of the year, igniting hope among investors after a challenging few months.

Bitcoin found a solid support base around the $27,500 mark following a recent correction, and it has since embarked on a fresh uptrend, breaking through the $27,600 level. The question now looms – could this be the beginning of the next bullish run?

Bitcoin (BTC) Monthly Returns (Source: CoinGlass)

Over the past decade, October has consistently proven to be a favorable month for Bitcoin. In 2021, BTC surged by 39.93%, while 2020 saw a substantial increase of 27.7%. Going back a bit further to 2017, October concluded with a bullish surge of 47.81%.

The year 2015 also saw Bitcoin participate in the October rally, where it gained a substantial 33.49%. However, the most notable October performance occurred in 2013, when Bitcoin recorded its most significant gain yet, with a staggering leap of 60.79%.

Further, according to data analysis platform CoinGlass, Bitcoin has outperformed major US stock indices, since 2011. Its cumulative growth has exceeded 20,000,000%, while the Nasdaq 100 Index and other significant indices have seen growth rates of only 541% and 282%, respectively.

Bitcoin (BTC) Returns to the Golden Trend?

At the time of writing, Bitcoin is trading at $27,637, marking a 1% increase in the last 24 hours. Notably, the cryptocurrency’s price is currently above the 50-day Exponential Moving Average (EMA), a technical indicator often used to gauge trends. Additionally, the Relative Strength Index (RSI) is hovering near the neutral zone, suggesting a potential for further price movement.

Bitcoin (BTC) Price Chart (Source: TradingView)

If the bullish momentum persists, Bitcoin could potentially surge to levels of $27,813, $30,979, or even reach as high as $37,888. However, if the trend were to reverse, Bitcoin might experience a decline to $25,174 or even dip to $24,722.

Further, cryptocurrency analyst Rekt Capital has also weighed in on the current market dynamics. Specifically, he emphasized the potential for a Bitcoin retracement. Rekt Capital has observed historical retracements within the range of 24% to 38% and highlighted the current possibility of a 30% retracement in Bitcoin’s price.

More articles

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Latest News