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CZ Hints at ‘Uptober’ Bitcoin Rally Following Green September

5 hours ago
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Binance founder Changpeng “CZ” Zhao has hinted at another potential ‘Uptober’ rally as he alluded to Bitcoin’s historical performance. This follows the flagship crypto’s performance this month, in which it has recorded a gain of almost 5%.

CZ Points To Historical Data Ahead Of Potential ‘Uptober’ Rally For Bitcoin

Binance founder Changpeng Zhao (CZ) shared historical Bitcoin data to show its major breakout during the 2015–2017 cycle, particularly in October 2017, when the flagship crypto witnessed a significant surge. CoinMarketCap data shows BTC was trading at $228.99 around mid-2015, moving sideways for more than a year without major rallies.

By October 4, 2017, the Bitcoin price climbed to $4,319.37, representing an almost 19x increase. Trading volume during that time reached $1.11 billion, showing broader market participation.

With this, CZ was teasing another potential ‘uptober’ rally, although he disclaimed that he wasn’t “predicting the future.” He added that he was simply alluding to historical data. However, this data is significant considering how the market tends to replicate past trends.

October Marks BTC’s Second-Best Performing Month

CoinGlass data shows that, on average, Bitcoin has recorded a gain of 21.89% in October, making it the crypto’s second-best performing month, behind only November. BTC has also closed the past six Octobers in the green, with five of them being with double-digit gains.

Bitcoin's monthly returns Bitcoin's monthly returns
Source: Coinglass

As such, this sets the flagship crypto up for another historical performance next month, as market participants look forward to a potential continuation of the bull run. A CoinGape market analysis also recently predicted a BTC rally to $150,000 in the fourth quarter of this year, a run which could begin in October.

This projected rally is based on the flagship’s positive correlation with gold, which continues to rally to new highs. Factors such as another Fed rate cut next month and progress with the CLARITY Act could also serve as catalysts for the rally.

Meanwhile, crypto analyst Titan of Crypto also pointed out that historically, whenever Bitcoin closed September in the green, October has always followed in the green and outperformed September’s returns. BTC is currently on course to end this month with a 5% gain, presenting a bullish case for next month if this streak holds.

Source: https://coingape.com/cz-hints-at-uptober-bitcoin-rally-following-green-september/