After the declines in Bitcoin and altcoins, investors are eagerly awaiting this period, remembering that October and the following months have historically been known as bullish months. Finally, that moment has arrived.

In this process where large and rapid increases are expected, Singapore-based QCP Capital analysts evaluated the current situation. QCP Capital emphasized that October has historically been a bullish month and announced that Bitcoin gained an average of 22.9% in October.

If history repeats itself and Bitcoin sees a rally in October, the rally could push BTC above $78,000 and set a new all-time high. QCP also noted that Ethereum also saw an uptrend in October, but at a lesser rate compared to Bitcoin.

Analysts noted that a significant amount of ETH October Call purchases were observed in the morning hours, and stated that they predicted that the expected rise in "Uptober", that is, October, could occur. QCP analysts stated that this October could be a big breakout month, supported by historical October data, positive spot ETF inflows and the upcoming US elections.

“We’ve finally arrived at Uptober. Historically, October is a bullish month, with BTC gaining an average of 22.9% on 8 of the last 9 Octobers,” analysts wrote, emphasizing that a similar surge could help us reach the $78,000 level.

Analysts stated that Ethereum generally performed well in October, but the average return over the last October 8 was only about 5%, adding that a significant amount of ETH October Call purchases were observed this morning.

BTC has been trading in the $60,000 to $70,000 range for the last 8 months. Will there be a big breakout at the end of Uptober? The market is evaluating this situation especially with the US elections approaching.

Finally, analysts noted that spot ETF inflows remaining positive and perp funding approaching levels from the first quarter of the bull rally are bullish signals.