Bitcoin had a rough start to October, dropping 10% from $66,000 to $60,000. This dampened the “Uptober” hopes, but the weekend brought a welcome change. Bitcoin is back in the green, and this could be good news for the long-term outlook.
Is This the Bottom?
Crypto trader @0xjaypeg believes the initial dip wasn’t necessarily bad. Historically, Bitcoin often dips in the first few days of October. He explains that Bitcoin usually takes 3-4 days to bottom out this month, especially after months of positive gains. This recent recovery aligns with that trend, with the price stabilizing around the 6th of October.
If this pattern continues, October could be bullish for Bitcoin. Jay predicts an average return of +31.72% this month, with a potential for a 36.62% gain. This could push Bitcoin to a new all-time high, potentially reaching $80,000 or even higher if the bulls maintain momentum.
A Word of Caution
While October has been historically bullish for Bitcoin, there have been times when the month ended in the red. Jay forecasts an average drawdown of -8.10%, or a -6.37% return if October turns out to be positive.
Green October, Green Future?
Bitcoin’s green turn is a positive sign, especially if the month ends in the green. Data from Coinglass shows that October finishes in the green often lead to positive November and December. Over the past 13 years, five years have ended with Bitcoin rallies in Q4, and each of those started with a strong October.
If this trend repeats, Bitcoin could be in for a strong finish to the year.
