October, dubbed “Uptober” for Bitcoin (BTC) at $63,708, has historically been a positive month for the cryptocurrency market. In its latest market commentary, Singapore-based trading firm QCP Capital reported that Bitcoin’s average October return was 22.9 percent based on historical data. This trend has been repeated in a similar manner in 8 of the last 9 years. If the same increase occurs this year, the price of the largest cryptocurrency could reach an all-time high above $78,000.
What Does October Mean for Bitcoin?
QCP Capital reported that Bitcoin has been trading in a narrow band between $60,000 and $70,000 for the last 8 months, but investors are expecting a breakout from this narrow band with the start of October. In particular, the approaching US presidential elections and the increasing positive trend in spot ETF inflows are seen as a sign of a major movement for the cryptocurrency market.
On the other hand, it is also noteworthy that funding rates in perpetual futures markets have approached levels similar to the bull run in the first quarter of 2024. All indicators suggest that a major jump may occur in October.
It Could Be Volatile for Ethereum Too
Alongside Bitcoin, Ethereum (ETH) $2,626 also tends to perform well in October. Accordingly, Ethereum has gained an average of 5% in October over the last 8 years.
However, QCP Capital reported that there was a significant development this morning, with a large amount of Ethereum October options being purchased in the market. This purchase supports the bullish outlook for investors in the altcoin king for this month.
October is currently a critical period for both Bitcoin and Ethereum. Historical data and current market conditions are closely followed by crypto investors, and this month is expected to witness major movements. In particular, Bitcoin exceeding $78,000 means a record-breaking breakout, and market dynamics such as spot ETF inflows and futures funding rates will play an important role in this process.
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