Originally published on: October 03, 2024
As Bitcoin enters October, known as a historically strong month for the cryptocurrency, traders are cautioning against placing too much emphasis on the entire month. According to crypto trader Oliver Velez, focusing solely on October may be a mistake.
While the average monthly return in October for Bitcoin stands at an impressive 20.65%, Velez believes that the bullish tendencies often associated with “Uptober” are more prevalent in the second half of the month. Looking at the bigger picture, he suggests considering statistics from October through May for a more comprehensive analysis.
Despite price declines for both Bitcoin and Ether since the beginning of October, with Bitcoin currently trading at $60,113, Cane Island Alternative Advisors founder Timothy Peterson noted that this month marks the “worst start for Bitcoin in at least ten years.”
However, Velez remains optimistic, suggesting that the sluggish start to October could pave the way for a strong market surge later in the month. He likens the current market conditions to a squatting position before a leap into a bullish phase that could last for the following months.
While some traders are bracing for potential challenges in October, others like the pseudonymous Titan of Crypto point out unexpected positive performances in September. Despite a slow start to October, analysts continue to monitor market trends and anticipate potential shifts in the coming weeks.
It’s important to note that this article is not intended as investment advice. Readers are advised to conduct their own research and exercise caution when making financial decisions. Stay informed and stay ahead in the ever-evolving world of cryptocurrency trading.
