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 has been range bound and less volatile and currently, the technical indicator called Bollinger Bands is extremely tight, indicating a move down or up is coming soon. Usually, October is a good month in terms of BTC gains as the leading crypto asset has seen a run-up ten times out of the last 13 years. BTC saw percentage losses in October in 2011, 2012, and 2018, and the during the rest of the Octobers, besides 2009, bitcoin (BTC) saw decent gains.
We had all hoped for Uptober for #crypto, instead, it seems we are getting CRABTOBER!!!
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. For instance, 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%. During the next two years, BTC’s performance in October was lackluster compared to 2010. On October 1, 2011, BTC was trading for $5.14 per unit and it ended the month 36.4% lower at $3.27.
— Alt Crypto Gems (@AltCryptoGems) October 13, 2022
2011 was the first October in bitcoin’s lifetime that it recorded percentage losses. When October started in 2012, BTC was trading for $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 losses 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 it ended the month 10.66% higher at $354.70.
October is halfway through.
When will Uptober kick in? 📈
— The Moon | Carl (@TheMoonCarl) October 16, 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 U.S. 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 climbed 39.74% from $4,403.74 to $6,153.85 per unit by the end of the month. 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.
I was promised an Uptober. Where is it?
— 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. 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 during the first week to $13,031.17 by October 31, fetching a 22.13% gain. 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 start of the month when it was trading for $19,044.11 per unit. The current exchange rate on October 18, 2022, at 9:00 a.m. (ET) shows BTC has gained 2.90% since the start of the month. In essence, at least compared to September, “Uptober” has seen BTC capture small percentage gains but the month is far from 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? Do you think bitcoin will rise or fall from here in terms of USD value? Let us know your thoughts about this subject in the comments section below.
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Author: Jamie Redman
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