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After the declines in Bitcoin and altcoins, investors were waiting for October and the following months, which are historically known as the months of rise, and that moment has finally arrived.
While large and rapid increases are now expected, analysts from Singapore-based company QCP Capital evaluated the current situation.
Stating that October has historically been a bullish month, QCP Capital said that BTC has gained an average of 22.9% in October.
If history repeats itself and Bitcoin surges in October, a similar surge would push BTC above $78,000 and the new ATH would occur.
QCP lastly stated that Ethereum also experienced an increase in October, but to a lesser extent compared to Bitcoin.
However, analysts stated that they observed a significant amount of ETH October Call purchases in the morning hours and predicted that we could see the expected rise in October, known as Uptober, the bullish month.
QCP analysts said that this October could be a month of big outflows, supported by historical October data, positive spot ETF inflows and the upcoming US elections.
“We are finally in 'Uptober'. Historically, October is a bullish month, with BTC gaining an average of 22.9% in 8 of the last 9 Octobers.
A similar increase would take us above $78k, breaking new all-time highs.
Ethereum has also tended to perform well in October, with its average return over the last October 8 being around 5%. However, we did observe a significant amount of ETH October Call buying this morning.
BTC has been trading in the $60,000-$70,000 range for 8 months.
“Is Uptober finally going to be the month where we see a big breakout? The market is evaluating this, especially with the US elections approaching.”
Analysts have recently noted that spot ETF inflows remaining positive and perp funding approaching levels from the first quarter of the bull rally are bullish signs.
*This is not investment advice.