Some cryptocurrency bulls are seemingly determined not to sell their holdings before “Uptober.”
They remain optimistic about Bitcoin’s Q4 performance, urging investors not to overcomplicate seasonality.
Does “Uptober” live up to its name?
The term “Uptober,” which is obviously a mix of “up” and “October,” was initially popularized on cryptocurrency Twitter.
Based on historical data, October has been one of the most successful months for Bitcoin due to the consistency of positive returns.
Does the data back up the enthusiasm of Bitcoin bulls? Absolutely. Since 2013, there were only two months when Bitcoin ended October in the red (2014 and 2018). Back in 2014, the cryptocurrency was down 13% amid a brutal bear market triggered by the collapse of the Mt. Gox exchange and regulatory scrutiny. In October 2018, Bitcoin was down 3%, remaining in the middle of another market capitulation that came after the ICO-driven euphoria of late 2017.
The rest of the months were firmly in the green. In 2013, for instance, Bitcoin rallied by as much as 61% in October when the cryptocurrency began attracting more mainstream interest.
In 2021, Bitcoin also surged by a whopping 40% in October due to the hype surrounding the approval of the first futures-based BTC ETFs in the US. These products came years before spot ETFs.