According to historical information, Bitcoin price closed 10 of the last 13 October in green. This causes the community to refer to the month of October as “Uptober”, a combination of “up” and “october” full of bull notices. Right now, all eyes are on how Bitcoin will achieve this again.
Two weeks until the end of ‘Uptober’
Bitcoin has left behind a dire September, when it slumped from $22,000 to $18,000. The latest situation in October is extremely tight as it is trading in a narrow range with little volatility compared to Bollinger Bands. This indicates that a downward or upward movement will come soon.
October is a good month for BTC interests as it mostly closes in the green. BTC price only depreciated in 2011, 2012 and October 2018. The rest saw nice snows as well as 2009.
In 2009, there were almost a handful of people who knew about BTC. The following year, the whole world recognized Bitcoin with its exploding price. For example, on October 1, 2010, BTC was trading at $0.06 per unit. In a one-on-one month, it finally reached $0.20. In October 2010, the value of BTC increased by more than 221%. For the next two years, BTC’s performance in October was lackluster compared to 2010. On October 1, 2011, BTC was trading at $5.14 per unit and closed the month at $3.27, down 36.4%.
2011 was the first October when Bitcoin recorded percentage losses over its lifetime. When it started in October 2012, BTC was trading at $12.40. It fell to $10.89 per unit at the end of the month, or 12.2% for the month. After 2012, it didn’t see a random percentage loss until 2018 throughout the month of October. In October 2013, it rose 52.27% from $129 to $196.44 during the month. The following year, in October 2014, it started the month at $320.51 and closed the month at $354.70, up 10.66 percent.
Bitcoin 2015-2021 period
Even in the 2015 bear market, BTC saw benefits in October as it started the month at $238.26 and closed October at $283.68, a 19.06% gain against the dollar. In October 2016, it gained 14.89%, jumping from $610.89 per unit on October 2 to $701.86 on October 30, 2016. During the 2017 bull run, October was a good month for Bitcoin. In this period, it rose 39.74% from $ 4,403.74. The following year was BTC’s first October drop since 2012, as the price dropped 1.76% from $6,602.95 to $6,486.39 per unit.
In 2019, BTC’s October was better as it managed to rise 19.57% more against the dollar. That year, it jumped from $7,988.16 to $9,551.71. In October 2020, after hitting $10,669.58 during the first week, it was $13,031.17 by October 31st. Thus, it brought a 22.13% benefit. In the following year 2021, BTC rose to $61,318.96 at $48,199.95 in October, gaining 27.21% against the dollar. So far in 2022, half of the month is over and only 16 days are left for the “Uptober” to end.
$19,400 is enough for a green Uptober
Now with 16 days left, “Uptober” can still close in green. Also, as Bollinger Bands suggest, there are only two ways the cryptocurrency can go. The first, of course, is that it will fall further from current levels. Or 11.Preparing to close Uptober as expected. Koindeks.com As you follow, BTC is currently trading at $19,186.63. It needs to close above $19,400 for a green Uptober.