The post Bitcoin Poised for Strong ‘Uptober’ as Historical Trends Signal Potential Gains appeared on BitcoinEthereumNews.com.

The price of Bitcoin has steadied around $66,000 as of Saturday, September 28, 2024. Despite a historically poor performance during September, there is optimism that Bitcoin might close this month on a high note. According to data from coinglass.com, Bitcoin has dropped 72.73% of the time in September since 2013, excluding this year. Bitcoin’s potential to close September on a high note is stirring optimism in the crypto market, setting the stage for a promising last quarter of 2024. Bitcoin’s Historical September Challenges Bitcoin’s historical data indicates a challenging September in which the cryptocurrency has faced declines in the majority of years. Since 2013, Bitcoin has experienced a drop 72.73% of the time during September. However, if it manages to close positively this year, this statistic will improve to 66.67%, providing a rare instance of optimism for traders and investors. October: A Month of Promise October, often referred to by crypto enthusiasts as “Uptober,” has a notable reputation for delivering substantial gains. Since 2013, Bitcoin has posted positive returns 81.82% of the time in October. The cryptocurrency saw significant gains in 2013 and 2017, with increases of 60.79% and 47.81% respectively. The month has only seen drops in a few years, such as 2014 and 2018. Performance Over the Last Decade Diving deeper into Bitcoin’s performance over the last decade reveals consistent positive trends during October. The past few years have solidified “Uptober” as a reliable term. From 2019 to 2023, each October ended in positive territory, with notable surges in 2020 (27.7%) and 2021 (39.93%). Despite the FTX collapse in November 2022, Bitcoin managed a moderate growth of 5.56% in October 2022. Projections for Q4 2024 The consistency in Bitcoin’s October performance sets a hopeful tone for Q4 2024. Historically, Bitcoin has delivered positive results in the fourth quarter…

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Filed under: News - @ September 28, 2024 8:18 pm