It’s official—summer is over, and fall has just begun. While we say goodbye to the sunny days (well, not everywhere…), October is right around the corner, and in the crypto world, it’s often referred to as “Uptober.”
Why? Because historically, Bitcoin tends to see price gains in October. If you’re a Bitcoin HODLER, this could be a good month for you!
What Could October Bring for Bitcoin This Year?
Every October, investors keep a close eye on Bitcoin, eager to see what the month will bring. In recent years, October has been a time of price increases for Bitcoin.
Last year alone, Bitcoin’s price jumped by an impressive 28.52%, kicking off a longer upward trend that eventually reached a new all-time high of $73,780 in March 2024. This upward movement isn’t a new trend, either. Over the past five years, Bitcoin has consistently closed the month of October with gains. Out of the eleven years since Bitcoin’s creation, nine Octobers have ended with the price higher than it started, and with that track record has raised expectations among investors for this October.
What’s in Store This Year?
If Bitcoin sees a similar rise to last year’s 28%, we could see the price push above $81,000, which is close to the $85,000 price target that analysts have been predicting. Right now, Bitcoin is trading around $63,810, but that could change quickly if October follows past patterns.
A number of popular analysts have in the past month shared their predictions for Bitcoin, and all include a 4th quarter pump to new highs. PlanB, the pseudonymous creator of the Bitcoin Stock-to-Flow Model (S2F), for example, is convinced that we are still in a bull market and that Bitcoin will rise to a price of nothing less than $140,000. There is also Rekt Capital, who believes a late September breakout is about to happen. Two other analysts, Jelle and Daan Crypto, believe that we are going to see bigger moves than 10% and that new highs are imminent. Lastly, there is veteran trader Peter Brandt who recently noticed a cup-and-handle pattern appear, signaling that a new parabolic increase is on the verge of taking place.
Will this October live up to its “Uptober” reputation? If so, you heard it here first! But if it turns out to be a “Downtober,” let’s agree this article never happened!
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