bullish

2024

Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
While many crypto market participants had high hopes for the upcoming month of October, its arrival brought unprecedented disappointment, with&nbsp;<a href="https://u.today/is-massive-gold-pump-reason-for-bitcoin-btc-drop" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> losing 3.98% right from the start and the total market capitalization of altcoins shrinking by $41.67 billion.&nbsp;
In hindsight, this can be explained by renewed geopolitical tensions and the fact that, as always, when a crowd anticipates something, its expectations are overturned in the most dramatic way.&nbsp;
However, Bitcoin and the rest of the crypto market, may still see green candles in October, as a new revelation from Bitcoin analyst Timothy Peterson suggests that most of the so-called "Uptober" will not start until after the 19th.
<blockquote>
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> in OctoberMost of "Uptober" doesn't start until after the 19th. Be patient. <a href="https://t.co/Gblrr5b1xH" rel="noopener noreferrer nofollow">pic.twitter.com/Gblrr5b1xH</a>— Timothy Peterson (@nsquaredvalue) <a href="https://twitter.com/nsquaredvalue/status/1841435069182828838?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 2, 2024</a>
</blockquote>
Historical data continues to support the current bullish outlook for&nbsp;<a href="https://u.today/this-feels-right-to-me-raoul-pal-approves-this-epic-bitcoin-price-prediction" rel="noopener noreferrer nofollow">Bitcoin</a> in October as well. Since 2018, the&nbsp;<a href="https://u.today/dogecoin-doge-on-verge-of-price-doubling-if-this-bullish-crossover-plays-out" rel="noopener noreferrer nofollow">cryptocurrency</a> has consistently shown positive performance in this month, with an average gain of over 14% and a median return of around 13%. Undoubtedly, every month that has ended in the green has previously delivered gains from the start.
Thus, maybe there is room for disappointment since October 2024 did not live up to "Uptober" expectations out of the gate, but if the median over its 11-year history of public trading is any creditable indication, give it at least two more weeks before giving up entirely.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="ad6aaa31-cae2-4b61-b0f3-c541498bd08e" src="https://u.today/sites/default/files/inline-images/bitcoinbtc_2.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
However, one thing is for sure - with so many new players coming into the market, especially institutions, old patterns will not work so easily, so the basic investor will have to become more sophisticated in order to maintain and profit here.

When Does 'Uptober' Really Start? Bitcoin Price History Reveals All

U_Today

Other articles published on Oct 2, 2024

Qubetics Simplifies Blockchain as Tron Completes Security Assessment and Cronos Reduction in Tran...

Famous Analyst Said "Everything Points to an Uptrend in Solana", Announced October Price Target!

Catizen (CATI), Hamster Kombat (HMSTR) Drop Amid Market Uncertainty

Trust Wallet Boosts TWT Coin Price with New Launchpool

Binance Secures Regulatory Approval in Argentina, Offering Full Crypto Services to Local Users

ETF XRP Semakin Dekat, Ini Langkah Terbaru dari Bitwise

Join our free newsletter for daily crypto updates!