The bitcoin (BTC) market has faced a long streak of turbulence this year. Its price hovered around the $20,000 mark for a long time, before falling towards $19,000 lately. Currently, BTC costs around $19,400. Still, one prominent analyst thinks the future looks brighter for bitcoin (BTC). Find out what elements he based on to declare that an uptrend could be announced in October.
Historical Bitcoin price action says it all!
Renowned crypto analyst Kaleo has suggested that there is a silver lining for the flagship crypto. According to him, the price action observed during the last decade shows that the month of September has often been less than rosy. Indeed, during this month, the performance of bitcoin (BTC) is generally down, “closing positive only 20% of the time“. On the other hand in October, the flagship cryptocurrency market generally follows an uptrend. October happens to beone of the best months for BTC. It is positive 78% of the time with a median gain of 28% »he explained.
Thus, Kaleo has indicated that we can expect a bullish October this year. “Given Bitcoin’s rapid adoption and strong growth over the past decade, it makes sense enough that October had the highest median percentage return of any month, considering it trails the month. the least efficient.»he said.
Kaleo’s recent analysis may give hope to investors who feared that this was already the decline of the Bitcoin market. However, the crypto analyst pointed out that it is not foolish to consider that the price decline will continue. He recalled that bitcoin recorded a loss of 75% compared to its ATH in November 2021, which was $69,000.
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