Here’s why analysts are bullish for Bitcoin this October! Despite struggling to recover its price this past month, many in the community are bullish for Bitcoin, claiming we’ll see a relief rally for the crypto by the end of October.
Bitcoin’s Potential Rally
These past couple of months had been a rather rough one for most cryptocurrencies, including Bitcoin. Throughout the month of September, Bitcoin struggled to rise and stay consistently above the $20,000 mark. Despite this however, some analysts and many crypto investors seem to have higher hopes for BTC in October.
Historically, September has always been the most bearish month for Bitcoin, with BTC trading at a price that is 50% lower this past September compared to that of September last year.
— Miles Deutscher (@milesdeutscher) September 27, 2022
October however, has been known as one of the most bullish months for Bitcoin, with an average average return of +22% since 2013.
This has brought hope for Bitcoin investors that the community may see Bitcoin rally by quite a bit throughout the month of October.
Popular pseudonymous analyst Kaleo, has even expressed that Bitcoin’s low price this past month is totally normal and in fact, opens up doors for a relief in October that investors can look forward to.
Tracking price action over the past decade, Sept. has far and away been the worst performing month for BTC – closing positive only 20% of the time
Silver lining – Oct. has been one of the best months for BTC – positive 78% of the time w/ a median gain of 28%
— K A L E O (@CryptoKaleo) September 26, 2022
BTC’s Predicted Price
Different analysts and investors have multiple different predictions for how much Bitcoin’s price will rise in the month of October, with some being more bullish than others.
According to members of the CoinMarketCap crypto community however, it may be possible that Bitcoin could look at a double digit price increase, perhaps a 13.18% increase by the end of October.
This would suggest that Bitcoin investors may see Bitcoin trade at an average price of around $22,800 by the end of October, significantly higher compared to Bitcoin’s current trading prices of $18,000 to $19,000 for the past month.