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Recently, bitcoin’s volatility has been the lowest it has been since 2020, and after last month’s market decline, crypto enthusiasts expected a reversal in October. In fact, bitcoin has seen gains in October ten times out of the past 13 years, prompting crypto enthusiasts to call the month “Uptober.” While bitcoin is up close to 3% against the US dollar since the start of the month, and with just over two weeks to go until the end of October, bitcoin followers are curious about how this month will end.
Bitcoin’s terrible September is over, and traders are wondering if October will showcase a market reversal for the leading crypto asset by market capitalization. Bitcoin has been range bound and less volatile and currently the technical indicator is called Bollinger Bands extremely tight, indicating that a move down or up is coming soon. Typically, October is a good month for BTC gains, as the leading crypto asset has seen a ten-fold gain over the past 13 years. BTC saw percentage losses in October in 2011, 2012 and 2018, and during the rest of October, besides 2009, bitcoin (BTC) saw decent gains.
We were all hoping for Uptober too #cryptoinstead it looks like we’re getting CRABTOBER!!!
Still two weeks left…
— Lark Davis (@TheCryptoLark) 16 October 2022
In 2009, BTC was considered almost worthless, and it wouldn’t be until the following year that the leading crypto-asset saw real value and strong gains. For example, on October 1, 2010, a single bitcoin was trading for $0.06 per unit, and by the 31st, BTC was exchanging hands for $0.20 per unit. During the month of October 2010, BTC increased in value by more than 221%. Over the next two years, BTC’s October performance was weak compared to 2010. On October 1, 2011, BTC was trading at $5.14 per unit, and it ended the month 36.4% lower at $3.27.
To the top, please.
— Alt Crypto Gems (@AltCryptoGems) 13 October 2022
2011 was the first October in bitcoin’s lifetime that it recorded a percentage loss. When October started in 2012, BTC was trading at $12.40 per coin and by the end of the month it was down to $10.89 per unit or down 12.2% for the month. After 2012, BTC would not see any percentage loss during the month of October until 2018. In October 2013, BTC climbed 52.27% higher during the month from $129 per coin to $196.44. The following year in October 2014, BTC started the month at $320.51 and ended the month 10.66% higher at $354.70.
October is halfway through.
When does Uptober start? 📈
— The Moon | Carl (@TheMoonCarl) 16 October 2022
Even during the bear market of 2015, BTC saw gains in October as it started the month at $238.26 and ended October at $283.68 with a 19.06% gain against the US dollar. In October 2016, bitcoin gained 14.89% as it jumped from $610.89 per unit on October 2 to $701.86 per coin on October 30, 2016. During the bull run of 2017, October was a good month for bitcoin as it rose 39, 74% from $74,403. to $6,153.85 per unit by the end of the month. The following year saw BTC’s first October decline since 2012 when the price fell 1.76% from $6,602.95 per unit to $6,486.39 per BTC.
I was promised an Uptober. Where is it?
— CoinMamba (@coinmamba) 11 October 2022
In 2019, BTC’s October was better as the crypto-asset managed to rise 19.57% higher against the US dollar. That year, BTC jumped from $7,988.16 to $9,551.71 per unit. In October 2020, bitcoin’s value increased after reaching $10,669.58 in the first week to $13,031.17 by October 31, making a gain of 22.13%. The following year in 2021, BTC gained 27.21% against the USD rising from $48,199.95 to $61,318.96 per BTC in October. So far in 2022, half the month is over and there are only 16 days left until “Uptober” ends.
At the time of writing, with more than two weeks left in October, BTC is up nearly 3% since the beginning of the month when it traded at $19,044.11 per unit. The current exchange rate on 18 October 2022, at 9:00 AM (ET) shows that BTC is up 2.90% since the beginning of the month. Essentially, at least compared to September, “tober” have seen BTC capture small percentage gains, but the month is far from over.
With 16 days to go, October 2022 could join the rest of the “Uptober” years, seeing the leading crypto asset rack up double-digit gains by month’s end. Or as the Bollinger Bands suggest, the cryptocurrency only has two ways to go and it can move lower from here, and October 2022 could very well join 2011, 2012 and 2018.
What do you think of bitcoin’s market performance in October so far? Do you think bitcoin will rise or fall from here in terms of USD value? Let us know your thoughts on this topic in the comments section below.
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