Is October a Bullish Month for Bitcoin? What Do Historical Data Say? Analyst Pointed to $40,000 for BTC!
With the rise it experienced yesterday, Bitcoin reached its highest level since August 17 and exceeded $ 28,000.
October, known as “Uptober”, or generally the month of rise, started off fast for BTC, which increased by more than 4% in the last 24 hours.
When we look at the performance of Bitcoin by years and months, we notice that declines in certain months and increases in certain months are concentrated.
When we look at the Bitcoin monthly return table above, we can generalize that March, August and September are the months of decline; We see that February, July, October and November are the rising months.
At this point, when historical data is examined, Bitcoin closed October with a loss in only two of the last 10 years, while it closed with an increase in October in eight years.
This situation increased investors’ Bitcoin expectations for October.
Commenting on the rise in Bitcoin, popular analyst Michael van de Poppe pointed out $ 40,000 for BTC.
“Bitcoin rose to $28,400.
I think we will see some retests of the $27,000-27,500 levels before resuming the rise.
But breaking $30,000 in Bitcoin opens the doors to $40,000 really quickly.”
#Bitcoin back up to $28,400.
From here, it seems like buying the dip is the game.
I’m assuming that we’ll see some retests on lower boundaries at $27,000-27,500 before we’ll continue, but breaking $30,000 opens the gates to $40,000 really fast.
— Michaël van de Poppe (@CryptoMichNL) October 2, 2023
As a result, while many indicators show that we are at the bottom in Bitcoin, will there be an upward scenario for BTC again in October? Or will there be a decline? We will be following.
*This is not investment advice.
