Will Bitcoin Pump in October? #pumpcoin $BTC
Despite the month-end stumble, Bitcoin remains on course to end the month with 8% gains.
That’s highly unusual for September, which is normally a bearish month for the Bitcoin price.
It sets a strong tone for October, which is normally Bitcoin’s strongest month of the year, hence the nickname “Uptober.”
According to bitcoinmonthlyreturn.com, the average September return is -4.4%, compared to an average return of 27% in October.
However, some are concerned that pre-US election uncertainty may discourage the bulls from pursuing higher prices.
Whether a major rally must wait until November or come as soon as next month, risks are tilted to the upside for BTC.
Fed/global central bank easing, the delayed arrival of post-Bitcoin halving tailwinds, and the alleviation of US election uncertainty will likely power BTC higher.
One wild card to that narrative is the US economy. Further weakening could trigger a return of recession fears, causing risk.
US ISM PMI activity data and the September jobs report will be released this week and will be closely scrutinized.
Strong data should support risk appetite and could kick off “Uptober” on a strong footing.
A test of $70,000 could happen very soon.
