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With October continually the sight of tangible BTC price gains, excitement is brewing among crypto analysts over what might happen in the coming weeks.
Has Uptober Officially Begun?
Ladies and gentlemen, Uptober is upon us. Bitcoin has surged past the $118,000 level today and briefly reached as high as $118,007.
As of press time, Bitcoin is changing hands at $117,946, up 4.5% on the day, according to crypto data provider CoinGecko. BTC’s rally has subsequently pushed the total market cap of all crypto assets to $4.13 trillion.
Uptober is crypto parlance for October, historically being a bullish month for the price movement of Bitcoin and other cryptocurrencies. Data from CoinGlass shows that October has only delivered negative monthly returns twice since 2013.
 
One of the events that the crypto market is looking forward to with optimism is the imminent approval of spot altcoin-based exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). The SEC is scheduled to make decisions on a total of 16 applications based on Solana, XRP, Cardano, Litecoin, Dogecoin, Polkadot, and Hedera ETFs this month.
The agency’s approval of several new spot crypto ETFs in the U.S. is now considered as effectively a given after the SEC’s new generic listing standards made the prior 19b-4 deadline process moot. As ZyCrypto reported earlier, Bloomberg predicts that the odds of approval are now at 100%.
Moreover, Tuesday’s monthly close above $114,000 marked a rare bullish end to September, a scenario that has typically preceded a parabolic surge in Q4, as observed by popular analyst Mikybull Crypto.
“Whenever $BTC closed green in September, what followed in Q4 was usually a massive rally, Mikybull crypto stated in a Wednesday X post.
Notably, the period between October and December is the best quarter for Bitcoin price surges, with average increases of 77%.