Bitcoin #BTCUptober $BTC

Bitcoin kicks off 'Uptober' eyeing 22.9% historical gains

Bitcoin's October rally faces headwinds from futures market and buying slowdown.

Key Takeaways

• Bitcoin's historical October performance, known as 'Uptober,' is jeopardized by high futures interest and reduced spot buying.

• Despite potential market overheating, a 5% to 10% pullback could maintain Bitcoin's uptrend.

As October begins, the crypto market enters “Uptober,” a period historically associated with strong Bitcoin performance. Over the past nine years, Bitcoin has exhibited an average 22.9% in gains from eight Octobers, potentially pushing the leading cryptocurrency above $78,000 and into new all-time high territory if the trend continues, according to QCP Capital’s latest Asia Colour report.

Bitcoin has been consolidating between $60,000 and $70,000 for eight months, prompting speculation about a potential breakout. The market is considering this possibility, especially with the upcoming US elections. Spot ETF inflows remain consistently positive, while perpetual funding rates approach levels reminiscent of Q1’s bull run.

Weekly data shows signs of imminent bull run

Bitcoin has shown notable price action this week, trading at approximately $63,905 as of October 1, 2024, with a peak of $64,208 and a low of $62,869. Despite a 2.91% decrease over the past 24 hours, the cryptocurrency has seen a 3% increase throughout the week, breaking above the $64,700 resistance level. This upward trend is attributed to increased institutional demand and significant inflows into Bitcoin ETFs, totaling around $140.7 million.