With just five days left before October begins, the crypto world is buzzing with anticipation for a potential Bitcoin (BTC) rally. According to a recent analysis by renowned crypto expert CryptoBusy, the upcoming month could signal the start of a long-awaited bull run, following patterns seen in previous halving cycles.
What’s supporting his claims? Let’s dive into the analysis and uncover the potential factors driving this rally.
CryptoBusy has highlighted a key trend in Bitcoin’s behavior after previous halvings. In both 2016 and 2020, Bitcoin remained relatively flat for several months post-halving. However, as October approached, the price surged, reaching new highs.
This recurring pattern suggests that Bitcoin often experiences a significant boost in October following its halving events.
Bitcoin’s Sideways Movement
After the 2024 halving, Bitcoin has once again been trading sideways, with its price remaining stable without any significant upward or downward movement. As we approach October, many are now speculating that the market will follow the same trajectory seen in 2016 and 2020, where Bitcoin’s price skyrocketed after a prolonged period of stagnation.
According to Coinglass data, October has always been a standout month for Bitcoin, often dubbed “Uptober.” Over the past 13 years, Bitcoin has seen an average price increase of 22.9% in October. Only two times when Oct faced a minor decline in, 2014 and 2018, but overall, October has been a consistent month for gains.
In recent years, October proved especially lucrative for Bitcoin, with a 28.52% increase in 2023, 5.56% in 2022, and a staggering 39.93% surge in 2021. This strong track record has positioned October as a crucial month for triggering bull runs, and crypto analysts believe another one may be on the horizon.
The upcoming U.S. election could provide another catalyst for Bitcoin’s growth. Notably, presidential candidates are increasingly supportive of the cryptocurrency industry. Former crypto critic Donald Trump now openly backs Bitcoin and has promised to turn the U.S. into a crypto hub, even suggesting he would fire SEC Chair Gary Gensler.
Similarly, Vice President Kamala Harris has shown support for the crypto space, even accepting campaign donations via Coinbase, according to a report from Coinpedia News. With both major candidates incorporating crypto into their campaigns, investors are hopeful that political backing will further drive Bitcoin’s price upwards.
As “Uptober” approaches, all eyes are on whether this month will kick off the next major bull run.
Given October’s historical strength and the growing political support for Bitcoin, some analysts predict that BTC could soon break past the $100K mark. As we approach “Uptober,” the question remains: will this month spark the next major bull run?
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