October Growth: Analysts Evaluate the Cryptocurrency Market Prospects

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by Giorgi Kostiuk

2 years ago

After declines in Bitcoin and altcoins, investors were waiting for October and the following months, which are historically known as months of rise, and that moment has finally arrived.

Historical Growth Trend

Analysts from the Singapore-based company QCP Capital noted that October is historically a bullish month for the cryptocurrency market. QCP Capital stated that the average growth of Bitcoin in October is 22.9%. If history repeats itself and Bitcoin surges in October, its price could exceed $78,000, establishing a new all-time high.

Bitcoin Prospects

Analysts noted that if October brings the expected rise, Bitcoin could make a significant leap. Factors supporting positive expectations include positive spot ETF inflows and the upcoming US elections. "We are finally in 'Uptober'. Historically, October is a bullish month, with its average Bitcoin growth being 22.9% over the last 9 Octobers. A similar increase would push us above $78,000, breaking new all-time highs."

Ethereum Forecasts

Regarding Ethereum, QCP Capital stated that its growth in October also has positive indicators, although smaller compared to Bitcoin. Analysts observed a significant amount of ETH October Call option purchases this morning. "Ethereum has also tended to perform well in October, with its average return being around 5% over the last 8 Octobers. However, we observed a significant amount of ETH Call option buying this morning. Utilizing the first quarter of the bull rally and the approaching US elections: October could become a month of major breakouts."

Analysts shared their opinions on potential trends in the cryptocurrency market in October, based on historical data and current market conditions. However, the question remains whether these forecasts will meet investor expectations.

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