According to analysts’ predictions, as October approaches, Bitcoin’s bull run may begin this month. Historical data shows that October (“Uptober”) is usually a strong month for Bitcoin, with an average increase of 22.9%.
Analysts believe that the price of Bitcoin could exceed $100,000 during the projected bull run. With only a few days left until the start of October, many in the cryptocurrency community are excited about a potential rally in Bitcoin. According to analysis by CryptoBusy, this trend is similar to the pattern after previous halving events and could present opportunities for investors.
Bitcoin price history after halving
CryptoBusy analyzed Bitcoin’s performance after several past halving events, noting that after the 2016 and 2020 halvings, Bitcoin experienced several months of sideways movement with less price fluctuations. However, after entering October, the price increased significantly and reached a new high.
This trend shows that Bitcoin tends to experience a sharp rise in October after the halving. As the stability period after the 2024 halving is coming to an end, many investors are looking forward to a repeat of the 2016 and 2020 patterns this month, that is, after a period of sideways consolidation, the price is likely to usher in a strong rebound. The market is full of expectations for the upcoming changes.
Why October is a bullish month for Bitcoin
According to Coinglass data, October is widely considered to be a standout month for Bitcoin, often referred to as "Up October." Over the past 13 years, Bitcoin has averaged a 22.9% gain in October. Despite small dips in 2014 and 2018, the overall trend shows that October is a period of sustained growth.
Specifically, Bitcoin rose by 28.52% in 2023, 5.56% in 2022, and 39.93% in 2021. These data show that October not only performed well in pushing up Bitcoin prices, but also played a key role in triggering the bull market. Many cryptocurrency experts believe that we may be about to usher in another bull market, and market sentiment is generally optimistic.
US election may boost Bitcoin price
The upcoming U.S. election could bring new impetus to Bitcoin. Candidates such as Donald Trump, who was once critical of cryptocurrencies, are now openly supporting Bitcoin, even vowing to make the United States the cryptocurrency capital and hinting at the possibility of firing SEC Chairman Gary Gensler.
Meanwhile, Vice President Kamala Harris has also expressed support for the cryptocurrency industry, with reports indicating that she accepted donations through Coinbase. The two candidates have made cryptocurrency an important issue in their campaigns, which has investors looking forward to potential price increases. Overall, policy changes may provide more confidence and momentum for the Bitcoin market.
Is $100,000 Bitcoin Coming Soon?
With strong historical performance and political support in October, many analysts are optimistic about the future of Bitcoin, even predicting that it could soar to over $100,000. As October approaches, the market's attention is focused on whether this month will kick off the next big bull run.
Investors generally expect policy changes and shifts in market sentiment to drive Bitcoin prices further up, and all of this may be verified in the upcoming election. Overall, the market is full of expectations for the prospects of Bitcoin.
