Although many in the crypto market had high hopes for the coming October, its arrival brought unprecedented disappointment: Bitcoin (BTC) lost 3.98% from the start, and the total market capitalization of altcoins fell by $41.67 billion.
In retrospect, this can be explained by renewed geopolitical tensions and the fact that, as always when crowds expect something, their expectations are overturned in dramatic fashion.
However, Bitcoin and the rest of the crypto market could still see green candles in October, as a new finding from Bitcoin analyst Timothy Peterson suggests that much of the so-called “uptober” won’t begin until the 19th.
#Bitcoin in October
Most of the Aptober will not begin until after the 19th.
Be patient. pic.twitter.com/Gblrr5b1xH— Timothy Peterson (@nsquaredvalue) October 2, 2024
Historical data continues to support the current bullish outlook for Bitcoin in October. Since 2018, the cryptocurrency has consistently posted positive gains this month, with average gains of over 14% and average returns of around 13%. Undoubtedly, every month that ended in the black was previously profitable from the very beginning.
So there may be room for disappointment as October 2024 fell short of Uptober’s expectations, but if the median over the 11-year history of public trading is any reliable indicator, give it at least two more weeks. before giving up completely.
However, one thing is for sure: with so many new players, especially institutions, entering the market, the old models will not work so easily, so the basic investor will have to become more sophisticated to sustain here and make a profit.
