Back seems set for a green month ahead, as his latest post on X (formerly Twitter) states that he is preparing for the so-called “Uptober.”
In support of the suggestion that the crypto market, or at least Bitcoin, can expect to rise in the next little over 30 days is the price history of the main cryptocurrency.
Thus, the average value of BTC profitability for all Octobers in its history – and there are almost 13 of them – is 15.5%. Even more strictly measured, the median value is kept at 14.9%.
The argument being made is that September is also traditionally considered a weak month for the price of BTC, but this time the statistic was rejected and Bitcoin rose by double-digit percentages.
This could signal that October and September have switched places, maybe due to the frontrunner of this very “Uptober” narrative, and now at least the first half of the coming month will be stagnant.
One may agree or disagree, but such a catch would definitely be in the spirit of the crypto market.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
