Bloody September has come and gone. Bitcoin was down about 7% for the month, which was below the historical average of 8%.
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 this upcoming October be a red month? Or will it be taking Bitcoin to higher highs and live up to its name “Uptober”?
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?
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%.
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 few days of October 2021, Bitcoin experienced a relatively large increase in value, starting at $43,835 and reaching as high as $48,500 before closing the day at $48,171, almost a 10% increase. This was such an important move for Bitcoin as it has now broken out of the downwards trend that Bitcoin had been in for nearly all of September.
Last week the Greed and Fear Index was at “Extreme Fear” and “Fear.” It has since shifted to “Neutral,” but I can assure you it will turn towards “Greed” in the next few days.
If history repeats itself and Bitcoin can keep up with this current uprising trend, then October will be another green month to add to the history books. September may have just been the necessary month to allow Bitcoin to rest before breaking all time highs this month and the next.
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.*
