Ethereum

bullish

Bitcoin

<p>Historically, October has been a strong month for Bitcoin, with an average gain of 22.9% over the last nine years. Eight of those years showed positive price action, a trend that has led to the coining of “Uptober” within the crypto community.</p> 
<p>This month could again bring bullish momentum, possibly pushing BTC past its all-time high of $78,000. Meanwhile, Ethereum (ETH) typically sees modest gains in October, but a surge in call options suggests traders are positioning for a potential rally.</p> 
<figure id="attachment_51257" aria-describedby="caption-attachment-51257" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-51257 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/10/photo_2024-10-01_13-44-55.jpg" alt="Bitcoin monthly returns" width="1280" height="708" title="Uptober: Could October Bring a Bullish Breakout for Bitcoin? 28" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/photo_2024-10-01_13-44-55.jpg 1280w, https://crypto.ro/en/wp-content/uploads/2024/10/photo_2024-10-01_13-44-55-300x166.jpg 300w, https://crypto.ro/en/wp-content/uploads/2024/10/photo_2024-10-01_13-44-55-1024x566.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/photo_2024-10-01_13-44-55-768x425.jpg 768w, https://crypto.ro/en/wp-content/uploads/2024/10/photo_2024-10-01_13-44-55-750x415.jpg 750w, https://crypto.ro/en/wp-content/uploads/2024/10/photo_2024-10-01_13-44-55-1140x631.jpg 1140w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-51257" class="wp-caption-text">
  Bitcoin monthly returns
 </figcaption>
</figure> 
<h3 id="market-factors">Market Factors</h3> 
<p><a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> has been trading within a $60,000 to $70,000 range for eight months, and many are speculating whether Uptober could be the catalyst for a significant breakout. Positive market sentiment, steady ETF inflows, and rising perpetual (perp) funding rates are reminiscent of the bullish momentum seen earlier this year. Additionally, with the U.S. elections approaching, volatility may increase, potentially driving higher price movements.</p> 
<figure id="attachment_51258" aria-describedby="caption-attachment-51258" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="size-full wp-image-51258" src="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1Y_graph_coinmarketcap-1.png" alt="BTC price over the past year" width="1200" height="800" title="Uptober: Could October Bring a Bullish Breakout for Bitcoin? 29" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1Y_graph_coinmarketcap-1.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1Y_graph_coinmarketcap-1-300x200.png 300w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1Y_graph_coinmarketcap-1-1024x683.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1Y_graph_coinmarketcap-1-768x512.png 768w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1Y_graph_coinmarketcap-1-750x500.png 750w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1Y_graph_coinmarketcap-1-1140x760.png 1140w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-51258" class="wp-caption-text">
  BTC price over the past year
 </figcaption>
</figure> 
<p>In ETH’s case, despite its average October returns being around 5% in recent years, the spike in call options early this month hints that traders are anticipating a stronger performance than usual.</p> 
<h3 id="trade-idea">Trade Idea</h3> 
<p>Given the possibility of BTC breaking through its current range, traders may want to consider leveraging this momentum.</p> 
<p>One potential trade idea for Uptober could be a Bitcoin Call Digital Option (DIGI) at $75,000 expiring on October 25. With a 6.5x payout potential, this trade offers high rewards if BTC can break through its current resistance levels. The spot price of BTC is currently around $64,000, making this a potentially lucrative opportunity.</p>

Uptober: Could October Bring a Bullish Breakout for Bitcoin?

Table of Contents

crypto.ro global

Other articles published on Oct 1, 2024

Top Altcoins to buy in 2024

XRP Price Analysis: Bullish Signals Emerge for Ripple’s Token

September crypto hacks surpass $120M, centralized exchanges hit

Altcoins Shine as Bitcoin Drops: Which Coins Are Winning Today?

Crypto’s Q4 is loaded: Here are the top bullish setups as Uptober kicks off

Ancient Bitcoin Whale Awakens Amid ‘Uptober’ Optimism!

Join our free newsletter for daily crypto updates!