With September ending on a high note, the Bitcoin community is now focusing on the potential repeat of its historic “Uptober” surge.
October brings back hopes
As October rolls around, the Bitcoin community is buzzing with excitement. Historically, this has been Bitcoin’s favourite time to shine, and the buzzword ‘Uptober’ is making a comeback. Traditionally, September has been a rough month for Bitcoin, with prices often taking a hit. From 2017 to 2022, every September ended in the red for Bitcoin. However, 2024 had other plans. Instead of stumbling, Bitcoin surged! For the first time in years, September ended with a 9.3% return — its best performance since Bitcoin’s inception, according to Coinglass. To put this in perspective, BTC only managed a 3.91% gain in September last year. As of Sep. 30, Bitcoin is trading at $64,600, having climbed about 2% in the past week. A lot of this momentum comes from recent moves by the U.S. Federal Reserve, cutting interest rates by 50 basis points.
Factors driving Bitcoin’s October outlook
As we head into October, several key factors seem to be aligning for Bitcoin, setting the stage for a potentially bullish month.
What do experts think?
Many analysts believe that the surge in global liquidity could significantly impact Bitcoin. Julien Bittel from Global Macro Investor notes that global money supply (M2) has begun to rise again, historically a positive sign for Bitcoin.
While October’s bullish outlook for Bitcoin looks promising, it's essential to remember the risks. Geopolitical tensions and the possibility of a U.S. recession are significant challenges. Always approach investments in such a volatile market with caution.
Comments