In recent times bitcoin’s volatility has been the lowest it’s been since 2020 and after last month’s market downturn, crypto enthusiasts expected a reversal in October. In fact, bitcoin has seen gains in October ten times out of the last 13 years, which has led crypto enthusiasts to call the month “Uptober.” While bitcoin is up close to 3% against the U.S. dollar since the start of the month, and there’s just over two weeks left until the end of October, bitcoin supporters are curious about how this month will end.
Bitcoin has two weeks left until the end of ‘Uptober’ – the leading crypto is up 3% since October 1
Bitcoin’s terrible September is over and traders wonder whether October will show a market reversal for the major crypto asset by market capitalization. bitcoin is done range bound And less volatile And currently, there is a technical indicator called Bollinger Bands extremely tight, a downward or upward move signal is coming soon. Generally, October is a good month in terms of BTC gains as the major crypto asset has grown tenfold over the past 13 years. BTC saw percentage losses in October 2011, 2012 and 2018, and during the rest of October, except for 2009, bitcoin (BTC) saw decent gains.
In 2009, BTC was considered near worthless and it wouldn’t be until the following year that the leading crypto asset saw real-world value and steep gains. For instance, on October 1, 2010, a single bitcoin was trading for $0.06 per unit and by the 31st, BTC was exchanging hands for $0.20 per unit. During the month of October 2010, BTC increased in value by more than 221%. During the next two years, BTC’s performance in October was lackluster compared to 2010. On October 1, 2011, BTC was trading for $5.14 per unit and it ended the month 36.4% lower at $3.27.
2011 was the first October in bitcoin’s lifetime when it recorded a percentage loss. When starting in October 2012, BTC was trading for $12.40 per coin and by the end of the month, it was down to $10.89 per unit, or 12.2% for the month. After 2012, BTC did not lose any percentage from October 2018 to 2018. In October 2013, BTC climbed 52.27% to $196.44 from $129 per coin during the month to $196.44. The following year in October 2014, BTC started the month at $320.51 and ended the month up by 10.66% to $354.70.
Even during the bear market of 2015, BTC saw gains in October as it started the month at $238.26 and ended October at $283.68 with a 19.06% gain against the U.S. dollar. In October 2016, bitcoin gained 14.89% as it jumped from $610.89 per unit on October 2, to $701.86 per coin on October 30, 2016. During the bull run of 2017, October was a good month for bitcoin as it climbed 39.74% from $4,403.74 to $6,153.85 per unit by the end of the month. The following year was BTC’s first October downturn since 2012 as the price dropped 1.76% from $6,602.95 per unit to $6,486.39 per BTC.
In 2019, BTC had a better October as the crypto asset managed to rise 19.57% higher against the US Dollar. In that year, BTC rose from $7,988.16 to $9,551.71 per unit. In October 2020, the value of bitcoin rose to $13,031.17 by October 31, after reaching $10,669.58 during the first week, showing a gain of 22.13%. The following year in 2021, BTC increased by 27.21% from USD 48,199.95 in October to $61,318.96 per BTC. Half a month has passed so far in 2022 and only 16 days are left for ‘Uptober’ to end.
At the time of writing, with more than two weeks left in October, BTC is up nearly 3% since the start of the month when it was trading for $19,044.11 per unit. The current exchange rate on October 18, 2022, at 9:00 a.m. (ET) shows BTC has gained 2.90% since the start of the month. In essence, at least compared to September, “Uptober” has seen BTC capture small percentage gains but the month is far from over.
With 16 days remaining, October 2022 could include the remaining “uptober” years, and could see the major crypto asset post double-digit gains by the end of the month. Or as Bollinger Bands suggests, there are only two ways for the cryptocurrency to go, and it could go down from here, and the October of 2022 could very well join the likes of 2011, 2012 and 2018.
