- Traders anticipate a potential “Uptober” rally, supported by technical and seasonal trends.
- Bitcoin shows bullish signals with a higher low and potential higher high formation.
- Historical October performance indicates average gains of 22.90% over the past decade.
Bitcoin in September shows strong indications of going up as it moves to October 2024. The latest data reveal signs of bullish sentiment developing within the trader’s community as they anticipate a good performance in the coming month. The formations of the higher lower implies that a higher high will be available in the coming days making it a positive signal. Experts and traders are preparing for what they call ‘Uptober’, a word which is used to describe gains in the month of October.
Important weekly candle for the corn
— // Kadense° (🐧,🤍) (@iamkadense) September 25, 2024
Higher Low established. Higher High in process.
Loading UPtober program pic.twitter.com/AnIiNTrKjl
Strong Weekly Candle Signals Potential Upside
From the latest chart, Bitcoin has recently formed a weekly candlestick that shows a bullish reversal signal. According to the chart extending from late 2023 to September 2024, Bitcoin price has gone up to $64,563.54, an increase of 144.16% in one year. The higher low formed is important as it is followed by the formation of a higher high. This is considered a strong sign of a bullish signal. If Bitcoin is to sustain this kind of move, more gains are expected in the immediate future.
Moreover, the recent chart indicates stronger buying pressure at the $58,856 support area. Traders are optimistic that this will escalate continuously in October. The technical formation pointed out in the chart by the analyst shows that buyers have fully taken charge of the market.
Bitcoin Pattern Hints at 2024 Rally and 2025 Parabolic SurgeOctober Historically Positive for Bitcoin
Accompanying the technical optimism is a historical returns chart from Coinglass. The analysis shows that Bitcoin has had positive returns in October in most of the years, and the average return is usually above 20%. For example, Bitcoin grew by 28.52% in October 2023 and by 39.93% in 2021. The average percent return up to October is 22.09% while the median is 27.70%. Such a pattern has made many to think that the month of October will remain to be a good month for Bitcoin.
Looking back, October has proven to be a strong month for Bitcoin in 8 out of the last 10 years. Positive sentiment surrounding this trend has led traders to anticipate further gains. The median return for the month of October, 27.70%, further highlights its reputation as a profitable period for the cryptocurrency. As traders prepare for the upcoming month, the trend points towards Bitcoin continuing its upward climb, with market activity closely mirroring previous “Uptober” rallies.
