As Bitcoin’s price nears its record highs, recently exceeding the $121,000 threshold, analysts are expressing growing optimism about the cryptocurrency’s outlook for October, often referred to as “Uptober.”
According to the analytical team at The Bull Theory, there’s potential for Bitcoin to soar to around $143,000, indicating a possible increase of nearly 20% for the remainder of the month.
Bitcoin Price Set for October Surge
These forecasts might appear ambitious, yet historical trends indicate that October has been consistently one of Bitcoin’s strongest months. Over the past decade, BTC has ended October in the positive in 10 out of those 12 years, and the link between robust performances in September and October is noteworthy.
After a favorable September—during which Bitcoin recently logged a gain of 3.91%—the conditions seem ripe for another prosperous October. Bitcoin boasts an impressive October win rate of 83%, having recorded losses in the month only twice since 2011.
Related Reading
In 2014, the cryptocurrency saw a decline of 12.95%, and in 2018, it dropped by 3.83%. This impressive track record underscores October as one of the most lucrative months for Bitcoin holders, enjoying an average return of 20.62%.
The trend remains clear: each time September has finished positively, October has mirrored that success. Historical trends indicate that a green September often leads to significant gains in October.
For example, in 2015, Bitcoin’s price surged by 33.49% following a September increase of 2.35%. Similarly, in 2023, a 3.91% gain in September resulted in a remarkable 28.52% increase in October.
Could BTC Hit $150,000?
The bullish sentiment doesn’t end there. In all four instances where both September and October closed positively, November continued the upward momentum. The data showcases consistent growth: in 2015, November experienced a 19.27% increase following a robust October.
If Bitcoin manages to replicate its historical average return of 20.62% this October, a price point around $143,539 could be on the way. Even if it aligns with the median return of 14.71%, investors might anticipate new heights just above $136,000.
Related Reading
Market analyst Michael van de Poppe has also shared his optimistic perspective regarding Bitcoin’s price. He highlighted several encouraging technical indicators, including BTC’s ability to maintain the 20-week moving average as support, breaking past a downtrend at $112,000, and its readiness for the highest weekly close in its history.
Recent performance featured a strong 11% weekly candle, further enhancing optimism. Moreover, with gold experiencing a significant uptrend, the expert believes Bitcoin’s price is ripe to catch up.
Van de Poppe is confident that if current trends persist, the leading cryptocurrency could not only reach $150,000 this quarter but also set a new all-time high within the month.
At the time of writing, BTC is trading at approximately $121,669, just 2% away from all-time high levels above $124,000.
Featured image from DALL-E, chart from TradingView.com
