What is the Bitcoin price prediction for October 2024? What is the Bitcoin price prediction for October 2024?
The cryptocurrency market had a rocky start to October.
Where most of the major cryptocurrencies recorded significant losses.
For example, Bitcoin fell by about $5,000 to below $61,000 on October 3, and then continued to fall to $58,946 at one point.
Despite the losses, buyers were able to regain some momentum, pushing the price to $62,709 over the past few hours and trading at $63,000 at the time of publishing this article.
Bitcoin Performance in October:
Historically, October is considered a positive month for Bitcoin, as it has shown an upward pattern in the last five years, unlike September, which usually sees losses.
In 2023, Bitcoin gained 11% in September, a departure from the usual pattern of losses for that month.
Bitcoin is currently going through a prolonged halving, which is unusual during years when the currency has seen a mining reward split.
According to the analysis of âKi Young Juâ, CEO of âCryptoQuantâ, Bitcoin has a short period of up to two weeks to start achieving a rapid rise, based on previous historical patterns, which did not happen this year, which witnessed the Bitcoin mining reward halving.
On the other hand, trader Peter Brandt raised concerns about the possibility of a major collapse of Bitcoin by up to 75%, noting that the currency has not reached a new high after 30 weeks from recording its highest level on March 14 at $73,737, which is considered a warning sign.
Uptober Predictions:
Looking at Bitcoin's history, past performance suggests that Uptober could start in the middle of the month.
For example, in 2020 and 2023, Bitcoin saw huge spikes after October 15, with the price in both years rising by up to 30% in the subsequent months.
However, it remains uncertain when the rise will actually start this year, as it may be later than past historical expectations.
Overall, history suggests that the coming week could be crucial for Bitcoin, but it is important to remember that past patterns do not always guarantee the same results.
