- Bitcoin investors are optimistic for a bullish October.
- BTC closed September in a classic bullish setup.
- October is a typically bullish month for Bitcoin.
Despite closing the month of September with a 3% daily decline, Bitcoin investors remain optimistic that the new month will deliver significant gains for the cryptocurrency. True to their expectations, the flagship crypto has started October with a rally, surging over 1.7% in the early hours of Tuesday.
The investors’ expectations stem from Bitcoin’s historical behavior, knowing how the leading crypto has repeatedly recorded notable gains in the 10th month of the year. Since 2013, Bitcoin has ended October higher than it began, except for only two years, 2014 and 2018.
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Unlike previous years, when Bitcoin often declined in September, this year shows stronger bullish momentum. TradingView’s Bitcoin monthly chart reflects a classic bullish setup from November.
Bitcoin recovered from a five-month pullback after reaching a $73,794 all-time high in March, forming a monthly rejection candle last August. Technical analysis suggests September’s price action confirms the bearish rejection and sets up a classic bull run. Many crypto analysts believe Bitcoin will continue its bullish Q4 trend with a rally starting this October.
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Analyst Lark Davis shared a graphic on X illustrating Bitcoin’s historical average monthly returns, which confirm October as the second most profitable month. The illustration shows Bitcoin averaging over 20% returns for October, followed by November’s nearly 50% average returns.
In the meantime, it is worth noting that the analysts’ optimism over Bitcoin’s potential rally does not depend only on the cryptocurrency’s historical behavior. Gaining over 9% in October, compared with the historical negative average return, connotes a significant boost for the crypto’s bullish momentum. Although past behavior does not guarantee future performances, there is a strong signal that a Bitcoin bull run could kick off this October.
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