Jakarta, Pintu News – As the price of Bitcoin (BTC) approaches record highs, recently surpassing the $121,000 mark, analysts are increasingly optimistic about the cryptocurrency’s journey for October, often referred to as “Uptober”. A team of analysts from The Bull Theory predicts that the Bitcoin (BTC) price could reach up to $143,000, which translates to a potential surge of almost 20% for the rest of the month.
This projection may sound ambitious, but historical data supports the idea that October has consistently been one of the strongest months for Bitcoin (BTC). Over the past 12 years, Bitcoin (BTC) has closed October with gains in 10 of those years, and the correlation between strong performance in September and October is notable.
After a positive September-where Bitcoin (BTC) price recently posted a 3.91% gain-the stage seems to be set for another profitable October. Bitcoin (BTC) has an impressive October win rate of 83%, only recording a loss in the month twice since 2011.
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In 2014, the cryptocurrency fell by 12.95%, and in 2018, it fell by 3.83%. This remarkable record highlights October as one of the most profitable months for Bitcoin (BTC) holders, with an average return of 20.62%. This pattern remains consistent: every time September closes positively, October follows in its footsteps. For example, in 2015, the price of Bitcoin (BTC) rose by 33.49% after September’s gain of 2.35%. Similarly, in 2023, a 3.91% gain in September turned into a substantial increase of 28.52% in October.
The bullish sentiment did not end there. In four out of four instances where September and October closed positively, November also continued the uptrend. The data shows consistent gains: in 2015, November saw an increase of 19.27% after a strong October.
If Bitcoin (BTC) manages to repeat its average return of 20.62% this October, a price point of around $143,539 could become a reality. Even if that’s in line with the median return of 14.71%, investors could see a new record reaching slightly above $136,000.
With the support of historical data and recent analysis, this October promises great potential for Bitcoin (BTC) to not only hit a new record but also possibly reach the $150,000 mark. Strong weekly gains and confidence from market experts add to the optimism that this month will be a very profitable one for Bitcoin (BTC) investors.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
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