Bitcoin appears to be on the verge of achieving an “uptober”

“Uptober” is a well-known term in Bitcoin (BTC) and crypto enthusiasts. In the entire history of Bitcoin, it has only managed to close October in the red. This happened in 2011, 2014, and 2018. As a result, many investors are biased that October will be a green month for BTC and with it the entire crypto market. September is also often the worst month for digital gold and the entire cryptocurrency market. Bitcoin managed to close September in the red a total of eight out of 12 times.

Last year, October once again showed that the title is not for nothing. It went from $40,000 to over $60,000 in a matter of weeks. An interesting fact is that Satoshi Nakamoto, the anonymous founder of Bitcoin, first introduced White papers Published October 2008. This may be one more reason why many investors are looking favorably on October.

Uptober in bear markets

Despite the fact that Bitcoin manages to close out a green October every year, it’s an entirely different story in a bear market. Crypto analyst Ali Martinez has published a table showing the monthly performance of BTC since 2010. This table shows that in previous bear markets, the cryptocurrency underperformed in the month of October. In 2011, it decreased by a whopping 36.77%, in 2014 it decreased overall by 12.96% and in 2018 the Kingdom of Bahrain. Cryptocurrency 4.06% in value.

# bitcoin | Note that in all previous bear markets, BTC dollars Not working well in October. pic.twitter.com/Dug2ILtfrs

– Ali (@ali_charts) October 2, 2022

BTC rate

At the time of writing, it was Bitcoin price 20,800 dollars. October started at $19,379, which has seen a rise of about 8% so far. The total market capitalization of BTC at the time of writing is close to 400 billion. On October 1, the total market capitalization was $371.47 billion. However, the price also fell briefly in the last month to a value of $ 18,408, according to data from CoinMarketCap. October will end in a couple of days and we can assess if there is another rally this year.