A bullish market chat on a screen
The month of September closed green for crypto with a 5% gain, marking a significant feat for a generally bearish month.
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According to a crypto analyst Ash Crypto on 1 October, this is a great sign for the month of October which is historically a bullish month for crypto.
Ash Crypto points out that much expectation surrounds October with such a bullish close for the previous month.
A month of promise
The crypto space has looked forward to October, a month they fondly refer to as “Uptober”, implying that the market goes up.
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October is also the first month in the fourth quarter of the year, when crypto assets have historically performed better than any other quarter.
Based on history, the expectation is quite high and Ash Crypto backs it up with data, saying that 9 out of 12 times Bitcoin has given double digit gain in October for the past 12 years.
If this turns out to be true this year, it means the least that Bitcoin can grow in October is 10%, which will raise the price to over $22,000. That will be a new high since Bitcoin’s highest price has been just over $21,000.
Similarly, Binance co-founder and former CEO Changpeng Zhao (CZ) has shared a chart of his first crypto cycle in which the market went parabolic after the end of September in 2017.
Although he says it is not a prediction of the future, this information has likely heightened the expectations for October and Q4 for investors and crypto enthusiasts.
Will history repeat itself
Expectations are already high concerning this time of the year, but will the good pattern repeat itself? If the current momentum is maintained, probably another good October and Q4 may be upon the crypto space.
Bitcoin started October already with a price of $114,508, which is safely above a key resistance zone that could have sabotaged its growth, and hopefully altcoins will catch up.
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