October has long been a favorable month for Bitcoin (BTC), with historical data showing strong returns. In October 2023, Bitcoin experienced a surge of +28.5%, marking it as the second-highest monthly return of the year, trailing behind January’s +39.9%. As crypto enthusiasts look forward to October 2024, many are wondering if the bullish pattern will continue.
A Bullish Tradition – October’s Role In Bitcoin’s History
Since 2011, Bitcoin has closed October in positive territory at least nine times, reinforcing its reputation as a “green month” for the cryptocurrency market. In a series of posts on X (formerly Twitter), seasoned crypto investor Jelle shared his optimism about Bitcoin’s price potential this October. According to him, historical patterns suggest that Bitcoin could be primed for another breakout, following its weak momentum in September.
Bitcoin’s Historical Pattern – Weak September, Strong October?
Jelle highlights a recurring pattern where Bitcoin tends to underperform in September, only to surge in October. This year has followed the script: September 2024 started with bearish momentum, but by mid-month, strong buying pressure emerged, lifting Bitcoin’s price. However, a bearish sentiment began to reappear towards the end of the month, leading to a significant sell-off on September 30, when Bitcoin dropped from $65,609 to $63,310.
October 2024 – A Critical Turning Point for Bitcoin
As October 2024 unfolds, the market finds itself at a critical juncture. On October 1, Bitcoin saw a further dip, reaching $60,805 before recovering slightly to $61,887. Jelle’s analysis warns of a possible higher low before Bitcoin could embark on a journey to new all-time highs. This notion is crucial for traders seeking to time the market.
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The large red candlestick at the start of October has raised alarms among cautious traders. While buyers have stepped in to support the price, the bearish overtones from late September still linger. Jelle believes that the key to Bitcoin’s October success will be how well it navigates the next few days. A sharp decline remains a possibility, but if the historical trend holds, Bitcoin could defy the odds and stage a remarkable comeback.
As the cryptocurrency market enters October 2024, traders are watching the charts closely. With Bitcoin’s history of strong October returns, optimism remains high, but the market’s volatile nature requires caution. If Bitcoin can shake off the early-month losses, it may once again soar, continuing its tradition of bullish Octobers.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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