October is the second-best month for Bitcoin since 2013, posting an average return of 21%.
Bitcoin posted an unusual 7.29% increase in September. Per data from Coinglass, historically, September has been the most underwhelming month for Bitcoin, with the premier crypto asset posting a net loss in eight of the last twelve years. On average, Bitcoin had a deficit of 3.77%.
However, the firstborn cryptocurrency saw substantial gains this September, boosting the confidence of crypto enthusiasts ahead of October.
Bitcoin’s Performance in Uptober
October has historically been Bitcoin’s second-best month in terms of price uptick, with only November outperforming it. Since 2013, Bitcoin has posted a monthly gain nine times in October, with an average growth of 21%.
As a result, market commentators have become increasingly optimistic that October will not be different this year. Notably, some interesting facts about Uptober, as the crypto community fondly calls it, get investors excited.
According to Lookonchain, up to five crypto bull runs started in October. The analysis shows that the market surge in 2013 started in the tenth month, with Bitcoin pumping 60.79% before a 449% uptick in November.
In 2017, the month of October facilitated another bullish upsurge. After a choppy September, October led Bitcoin’s rebound from around $4,000 with a monthly gain of 47.81%. Bitcoin continued the price uptick, peaking at $16,919.
The same happened in 2020, when Bitcoin surged 27.7% in October from $10,800. This bullish momentum continued until the premier crypto asset surged almost 600% to $60,000 in April 2021.
Notably, Bitcoin surged 39.9% and 28.52% in 2021 and 2023, sparking a market rebound in those years. Bitcoin hit new all-time highs in November 2023 after the rebound, while the 2023 October performance pushed the asset to the March 2024 ATH of $73,700.
New All-Time High?
If the 21% average Bitcoin returns are considered, Bitcoin could see a new high in October. A surge of that magnitude would push the premier asset from its current price of $64,000 to $77,440.
Meanwhile, analyst BitcoinHype pointed to an impending “up season only” Q4 performance. The market commentator revealed that in the years Bitcoin posted returns in September, it went on to record huge returns throughout the remaining months of the year. This trend occurred in 2015, 2016, and 2023.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/01/heres-bitcoin-performance-in-october-since-2013/?utm_source=rss&utm_medium=rss&utm_campaign=heres-bitcoin-performance-in-october-since-2013