Increasing geopolitical tensions in the Middle East have had a negative influence on Bitcoin's (BTC) usually positive month of October. It doesn't stop bulls from keeping their fingers crossed for a change of fortune later this month.
"Uptober" on Bitcoin Has Had a Mixed Start
The most valuable cryptocurrency by market size started its most bullish month since 2013 with a turbulent start. October has traditionally been the most bullish month for Bitcoin, with a median return of 21.2%, as seen in the chart below.
For a while yesterday, Bitcoin fell below the crucial $60,000 mark, but it has since recovered, and as of this writing, it is trading at $61,179. Throughout this yin and yang of prices, over $32 million worth of BTC was liquidated, while a little over $18 million worth of ETH was liquidated.
Major alternative cryptocurrencies have had even steeper declines than Bitcoin's 6.9% decline during the last seven days. Solana (SOL) is down 10.9%, Ethereum (ETH) is down 11.2%, and Binance Coin (BNB) is down 9.9%.
The majority of Bitcoin price increase usually happens in the second half of October, according to statistics from CoinGlass. The following data shows that traditionally, Bitcoin prices have done worse in the first few days of October.
The only time October 1 has been a good day for Bitcoin since 2013 was on that day, but five out of eleven October 2s have been positive. Alternatively, subsequent dates, such October 28, have had positive returns on nine out of eleven occasions, and October 20, on eight out of eleven occasions.
Notably, Bitcoin's worst performing month of the yearâSeptemberâended with gains of 7.29%, its highest performance since 2013.
Various Elements Influencing the Movement of Bitcoin Prices
In April 2024, Bitcoin saw its fourth halving. In September, the US Federal Reserve (Fed) lowered interest rates, which are usually seen as positive developments for the price outlook of BTC.
The escalating global tensions, however, have cast a shadow on these encouraging advances and the outcome of the highly-contested US presidential elections in November 2024.
However, there are crypto experts who are certain that Bitcoin will recover later this year. The recent decline in Bitcoin's price below $60,000 is a fantastic chance to purchase, according to one Standard Chartered expert.
Similarly, Markus Thielen of 10x Research predicts that there will be a crypto rise in the fourth quarter of 2024. Reasons for this forecast include the increasing gas expenses on Ethereum and the waning dominance of Bitcoin.
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