Historically, the price of Bitcoin (BTC) tends to rise in October. But the cryptocurrency could defy a 10-year trend and end the month down.
Bitcoin price defies historical predictions
In the world of Bitcoin, October has a nickname: Uptober. The price of BTC tends to rise—sometimes sharply—between October 1 and October 31. In 2013, it gained 60% over the month, with a 50% increase in October 2017 and 40% in October 2021. But this month, the price of Bitcoin will have fallen 5.6% between October 1 and October 24. The largest cryptocurrency could therefore close the month down for the first time since 2014.
It has been a month full of twists and turns for the BTC price: it reached an all-time high on October 6, at $126,300… Before falling a few days later, hitting a sharp low of $102,000. Since then, the price of Bitcoin has been trading in a range between $103,500 and $113,000:
As for the end of the year, forecasts are mixed. While some analysts agree that it may fall back below $100,000, the question is whether there will be a rebound between now and December. So, is this a slowdown after the fervor of recent months, or a lasting trend? The macroeconomic situation will partly determine the outcome.
