When will “Uptober” actually begin? Bitcoin price history reveals all

Many crypto market participants had high expectations for next month’s October, but its arrival brought unprecedented disappointment, with Bitcoin (BTC) falling 3.98% from the start, and the altcoin market price The total amount decreased by $41.67 billion.

In hindsight, this can be explained by the new geopolitical tensions and the fact that, as always, when the crowd expects something, those expectations are subverted in the most dramatic way.

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But new revelations from Bitcoin analyst Timothy Peterson suggest that most of the so-called “Uptober” won’t begin until after the 19th, suggesting that Bitcoin and other cryptocurrencies The market could still get the green light in October.

Historical data continues to support the current bullish outlook for Bitcoin in October. Since 2018, the cryptocurrency has consistently shown positive performance this month, with an average gain of over 14% and a median gain of around 13%. Undoubtedly, any month that ended in green has been profitable from the beginning.

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So, while there is perhaps room for disappointment as October 2024 did not live up to ‘Uptober’ expectations from the start, if the median over the 11-year public trading history is a reliable indicator. , I would like to wait at least two more weeks before giving up completely.

But one thing is for sure: With so many new players, especially institutional investors, entering the market, old patterns simply no longer work, so there’s no way to sustain and profit here. It means basic investors need to become more sophisticated.