When Does ‘Uptober’ Really Start? Bitcoin Price History Reveals All

The arrival of October brought unexpected disappointment for many crypto market participants. Bitcoin (BTC) experienced a decline of 3.98% right from the outset, and the overall market capitalization of altcoins decreased by $41.67 billion.

This downturn can be attributed to renewed geopolitical tensions and the tendency for crowd expectations to be dramatically overturned. Yet, there may still be potential for positive momentum in the crypto market this month. Bitcoin analyst Timothy Peterson has indicated that the anticipated “Uptober” might not truly commence until after the 19th.

Historical performance data supports a bullish outlook for Bitcoin in October. Since 2018, the cryptocurrency has consistently demonstrated positive performance during this month, averaging gains of over 14% and a median return of roughly 13%. Historically, months that ended positively typically began with gains.

While October has started on a disappointing note, there is still room for optimism if past patterns hold true. With over a decade of trading history to consider, it may be wise to wait at least two more weeks before losing hope entirely.

However, the influx of new participants, particularly from institutional backgrounds, suggests that traditional patterns may not apply as reliably. Consequently, investors will need to become more knowledgeable and adaptive to navigate the evolving landscape and achieve profitability.