In recent times bitcoin’s volatility has been the lowest it’s been since 2020 and after last month’s market downturn, crypto enthusiasts expected a reversal in October. In fact, bitcoin has seen gains in October ten times out of the last 13 years, which has led crypto enthusiasts to call the month “Uptober.” While bitcoin is up close to 3% against the U.S. dollar since the start of the month, and there’s just over two weeks left until the end of October, bitcoin supporters are curious about how this month will end.
Bitcoin Has Two Weeks Left Until the End of ‘Uptober’ — Leading Crypto Is up 3% Since October 1
Bitcoin’s dreadful September is over and traders wonder if October will showcase a market reversal for the leading crypto asset by market capitalization. Bitcoin is now range boundAnd less volatileBollinger Bands (the technical indicator) is at the moment extremely tightThe corresponding indicator is that the price will move either down or up soon. BTC has had a strong month of October in terms of gains. The top cryptocurrency asset has been up ten of the 13 times over the previous thirteen years. BTC experienced percentage losses during October 2011, 2012, 2018, and in 2018 as well. During the remainder of October 2009 and 2010, bitcoin (BTC), also saw decent gains.
It was what we all had hoped for, Uptober. #cryptoIt seems that we’re getting CRABTOBER instead!!
Still got two weeks though…
— Lark Davis (@TheCryptoLark) October 16, 2022
In 2009, BTC was considered near worthless and it wouldn’t be until the following year that the leading crypto asset saw real-world value and steep gains. On October 1, 2010 a bitcoin traded at $0.06/unit, and on the 31st it was worth $0.20/unit. BTC’s value increased by 221% in October 2010. During the next two years, BTC’s performance in October was lackluster compared to 2010. BTC trades at $5.14 per unit on October 1, 2011 and ends the month 36% lower at $3.27.
Uptober, please.
— Alt Crypto Gems (@AltCryptoGems) October 13, 2022
2011 was the first October in bitcoin’s lifetime that it recorded percentage losses. BTC started October 2012 at $12.40 per token. By the end, the price had dropped to $10.89/unit, which was 12.2% lower than the previous month. BTC saw no percentage loss from October 2012 to 2018. BTC gained 52.27% during October 2013 from $129 per coins to $196.44. In October 2014, BTC was $320.51 at the beginning and $354.70 at the end of the month.
October is half-way through.
Is Uptober coming to an end? 📈
— The Moon | Carl (@TheMoonCarl) October 16, 2022
BTC experienced gains even in the bear market 2015 as it opened the month at $238.26. The end of October saw BTC reach $283.68, a 19.06% rise against the U.S. dollars. Bitcoin gained 14.89% in October 2016. It jumped from $610.89 an unit on October 2 to $701.86 an coin on October 30 2016. The bull run in 2017 was good for bitcoin. It climbed 39.74% to $6,153.85 an unit, from $4,403.74 on October 2, and then fell back to $701.86 by October 30, 2016. The following year was BTC’s first October downturn since 2012 as the price dropped 1.76% from $6,602.95 per unit to $6,486.39 per BTC.
It was my promise that I would get an Uptober. It isn’t there.
— CoinMamba (@coinmamba) October 11, 2022
In 2019, BTC’s October was better as the crypto asset managed to rise 19.57% higher against the U.S. dollar. BTC went up from $7988.16 to $9551.71 per unit in that same year. In October 2020, bitcoin’s value increased after reaching $10,669.58 during the first week to $13,031.17 by October 31, fetching a 22.13% gain. In 2021, bitcoin gained 27.21% against USD. It rose from $48,199.95 in October to $61,318.96 in October. So far in 2022, half the month is over and there are only 16 days left until “Uptober” ends.
BTC’s price is now $19.044.11 per unit, which represents a nearly 33% increase since October 1st. BTC gained 2.9% since October 18. This is according to the current exchange rate, which was at 9:00 AM ET on October 18, 2022. Fundamentally, the exchange rate has increased by 2.90%, at most, compared with September. “Uptober”BTC has experienced small percentage gains, but it is not over.
With 16 days left, October 2022 could join the rest of the “Uptober” years, and see the leading crypto asset gather double-digit gains by the month’s end. Or as the Bollinger Bands suggest, the cryptocurrency only has two ways to go, and it could move lower from here, and 2022’s October could very well join the likes of 2011, 2012, and 2018.
What do you think about bitcoin’s October market performance so far? Is bitcoin likely to rise or fall in USD? Comment below to share your thoughts.
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