UPTOBER IS PUMPTOBER - What’s Next for Bitcoin?

UPTOBER IS PUMPTOBER - What’s Next for Bitcoin?

By Seven-NATE-Nine | Invest with Nate | 24 Oct 2021


Bloody September has come and gone. What can we expect from the month of October? Like September, October has also had a bad reputation in the stock market, even so as to have had the name “The October Effect”. “The October Effect” is a market anomaly and not related to any particular market event or news.

What about the cryptocurrency market? Historically, how has Bitcoin performed during the month of October? Will October be a red month? Or will it be taking Bitcoin to higher highs and live up to its name “Uptober”?

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The statistics do not support the bad reputation October has been given. In the Cryptocurrency Market Bitcoin definitely has performed better in October than September. Looking back at the Bitcoin charts it’s easy to see that Bitcoin tends to see positive returns in the month of October.

As a crypto investor/trader, should you be excited? Is it time to go all in?

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Over the last decade, six out of ten Octobers were green, and the last two years have been green.

The average historical monthly return for Bitcoin in the month of October is about 32%! When October has been red, the returns were about -23%.

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October seems to be a promising month for Bitcoin. However, traders should still be cautious. The months of April and May, like October, have historically been green months. 2021 decided that both would be red this year.

During the first week of October  2021, Bitcoin experienced a relatively large increase in value reaching $56,000, an increase in nearly 15%! October has so far increased over 25% since bloody September!

The second week of October performed even better then the first! The bulls completely took control and have driven the price up to just under $63,000 USD! The week closed with Bitcoin breaking out above the upwards trend channel and above $61,500 USD.

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This last week Bitcoin shocked the entire world and exploded past it’s previous all time high of $65,000 USD and reaching $67,000 USD! Bitcoin printed it’s highest daily candle ever closing just under $66,000 USD. Since then Bitcoin has been making a healthy correction and is closing the week above the previous resistance of $60,000 USD. Interestingly, in the past during the months that Bitcoin has been green, the majority of the weekly candles were all green. This is the first red week of October which isn’t bad at all. Bitcoin is still above the October monthly average increase of 32%. 

The Bitcoin Fear and Greed Index has settled between “Extreme Greed” and “Greed.”

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What’s next? Technical indicators on higher timeframes show that Bitcoin is still in a healthy state at this time. Bitcoin could possibly retest $57,000-58,000 USD before continuing its upward trend. It is unlikely that the bears will end the bull run at this stage… As long as the bulls stay in control and they can keep Bitcoin in this current uprising trend, then October will be another green month to add to the history books.

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However, anything can happen. Always expect the unexpected.

Stick to your plan. Take profits. Set your stop losses. Don’t get greedy.

Thank you for your time! If you found this article interesting or helpful in any way please let me know in the comments below. Feel free to follow me for more articles on how I invest or how I earn other free rewards such as crypto, stocks, or gift cards.

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*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*

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Seven-NATE-Nine
Seven-NATE-Nine

Crypto Enthusiast and Aspiring Day Trader. Also Passionate about Family, Love, Life, Movies and Video Games. And Pets.


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