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08 October, 2024

Bitcoin Price Rallies in October: Is the Bull Run Back?

08 October, 2024

Bitcoin Recovers in October: Bullish Signals or Just a Bounce?

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October began with a bearish slump for Bitcoin, dropping from $66,000 to $60,000, casting a shadow over the anticipated \”Uptober\” sentiment. However, the weekend brought a positive turnaround, pushing Bitcoin back into the green. This resurgence sparks hope for both short-term and long-term price gains.

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Has Bitcoin Found Its October Bottom?

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Crypto trader @0xjaypeg, known for their insights on X, analyzes Bitcoin’s October movements, highlighting the initial decline as potentially beneficial. Historically, Bitcoin often experiences a low point in the first few days of October. According to @0xjaypeg, Bitcoin typically takes 3-4 days to bottom this month, particularly after months of positive returns.

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The recent recovery aligns with this trend, with Bitcoin stabilizing around the 6th of October. This suggests a potential bullish shift for the month, and if this pattern holds, Bitcoin could see an average return of +31.72% in October. A strong October could even lead to a 36.62% return, potentially driving Bitcoin to new all-time highs.

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What a Green October Means for Bitcoin

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A green October is undeniably a positive sign for Bitcoin, particularly if the trend continues through the month. Data from Coinglass shows that years with green Octobers often see the last two months of the year, November and December, follow suit with price rallies. Over the past 13 years, five years have ended the year with Bitcoin price rallies, and each one began with a strong October.

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If this historical pattern repeats, the current green turn in October could foreshadow a bullish November and December. This makes the current price recovery a promising development for Bitcoin investors.

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Note: This content is for informational purposes only and should not be considered financial advice. Always conduct thorough research and consult with a financial professional before making investment decisions.