Expectations for Bitcoin in the new month are largely positive, as market players point to historically bullish October trends. Despite the asset’s underwhelming performance in the previous weeks, optimistic expectations for Bitcoin have not died down entirely.
Although the cryptocurrency market recorded notable losses after liquidations surged past $500 million on Monday, October appears promising for Bitcoin.
As noted by a market analyst, Bitcoin has historically outperformed during the third quarter of the year, particularly in October.
Analyst Ali Chart hinted that October might be the start of another epic Bitcoin bull run. He took to X, formerly Twitter, to share his observations. “Historically, Bitcoin kicks off a parabolic bull run every October following the halving!” the analyst wrote.
In October 2014, Bitcoin soared by 10,988.30%, triggering a massive spike in price value. The surge came after the 2012 halving event.
Similarly, after the 2016 halving, Bitcoin’s gains surged to 3,162%, taking prices to $19,197. More recently, a 539.95% increase in price value occurred in October, causing prices to rise to $58,215.
Meanwhile, some market players expect the bull run to kickstart in November; pseudonymous technical analyst CryptoCon shares data displaying a consistent bull rally that typically kicks off on November 28th, 2024.
The real #Bitcoin bull market begins in 2 months.November 28th, 2024. pic.twitter.com/d3XHRviZTQ
— CryptoCon (@CryptoCon_) October 3, 2024
Bitcoin successfully surges past $60,000
Market indicators appear to be validating bullish Bitcoin sentiments at this time. According to data from Santiment, Bitcoin is primed to make an upward rally.
With Bitcoin retracing -9.2% since its $66.4K local high on September 27th, the crowd has cooled its excitement toward crypto considerably. This change in mood is encouraging, considering markets typically always move the opposite direction of the crowd's expectation. pic.twitter.com/UDShVi0idy
— Santiment (@santimentfeed) October 3, 2024
“With Bitcoin retracing -9.2% since its $66.4K local high on September 27th, the crowd has cooled its excitement toward crypto considerably. This change in mood is encouraging, considering markets typically always move in the opposite direction of the crowd’s expectation.” – Santiment.
With Bitcoin retracing -9.2% since its $66.4K local high on September 27th, the crowd has considerably cooled its excitement toward crypto. This change in mood is encouraging, considering markets typically always move in the opposite direction of the crowd’s expectation.
At report time, Bitcoin is trading for $62,567. The apex cryptocurrency notably rallied after hitting a 24-hour low of $59,879. Over the past week, Bitcoin, like many other cryptocurrencies, has suffered weekly losses. Meanwhile, Bitcoin’s dominance is currently 56.95%, an increase of 0.59% over the day.
The global cryptocurrency market cap also sustained massive losses. Market data shows a 21.74% decrease in total crypto market volume over the last 7 days.
The global crypto market cap is valued at $2.17 trillion at press time. The bearish trend is reflected in the broader cryptocurrency market, with major altcoins bruising losses.
