Bitcoin Price up 5% – What to Expect from ‘Uptober’
October early saw Bitcoin basking strong with a 5% increase to above $28,000. But the main question is, “Can Bitcoin hold this uptober momentum?”
September was a month of mixed feelings for the world’s biggest cryptocurrency, Bitcoin. Bitcoin showed back and forward movements, making investors question its bullishness. However, October has given the Bulls a crown, but how long would this crown last on their heads?
From past Bitcoin price Cycles, October has a history of bullishness for digital assets. This was evident as Bitcoin already showed excitement from October 1st till date.
What to Expect from Uptober
While crypto noobs expect a straight spike above $30k, experts expect a retracement even if the trend shows bullishness. Bitcoin would retrace before maintaining its bullishness for the months of October and September, while December has never been a good month for the asset class. The consolidation period of Bitcoin would be the time for Altcoins to taste a little bullish fever once more.
The above shows the average monthly performance of Bitcoin, just as experts anticipated this uptober fever for Bitcoin.
📊 Historically, October + November are the best performing months for $Bitcoin.https://t.co/2ThhN5aOh0#CryptoNews #cryptoforpidgin #cryptotrading #bitcoin #BTC pic.twitter.com/NRtiVT3Hup
— Cryptoforpidgin Official (@Crypto4pidgin) October 2, 2023
Takeaways
Bitcoin already caught the fever from ‘Uptober’ and the whole industry is feeling the bullish fever too.
Sure, there would be retracements (downward/upward movement in price during trending markets), but the whole sentiment is bullish at the moment.
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DISCLAIMER: Cryptocurrency is very volatile and all the information on this blog is not financial advice so make sure you consult your licensed financial advisor before making any investment decision.
