Bitcoin Traders Are Optimistic About October. What Do Records Say About Bitcoin?

Twitter users woke up to “uptober” trends yesterday. This trend showed traders optimism about the month as many believe the dip is over and we should see an uptrend across the crypto market.

Commenting using the hashtag, Twitter user, Lark Davies said “Uptober starting to get warmed up! #bitcoin”. Another user, Fabri Lemus shared is excitement by tweeting “Welcome UPTOBER!
Send #Bitcoin TO ALL TIME HIGHS🤝 LFG!!!!”

“Uptober” seems like the needed tool designed to suppress FUD as we see the fear and greed index improving. The readings as of the last 24 hours was 27 – displaying fear. Now traders are less afraid of the market as the fear and greed index tilts to 54 – neutral. Let’s see how prices play out in the next 30 days.

“Uptober” Prediction

The king coin is off to a good start as it exceeded $48,000 during the last 24 hours. Data from Cryptocurrencies to Watch shows that bitcoin saw a $4k increase over the last 24 hours – adding a little spice to the uptober trend.

Given that the month has just started, we are unsure of the exact course of action Bitcoin will take this month. Nonetheless, records show that the tenth month of the year is the king coin’s third favorite month of the year. We may see more uptrends this month in line with the claims as bullish sentiment continues to flourish.

Since 2010, eleven Octobers have passed, with bitcoin coming out with only four losses and seven positives. The highest loss and gains BTC accumulated during the previous Octobers is 55.7% in 2013 and a loss of 31.8% in 2011.

On average, bitcoin gains more than 20% every tenth month. Going by this, we may see a 10% increase during the next 30 days. This may result in the king coin surging as high as $55,000 provided the coin stays off bearish sentiment for most of the month.

More than $490 million got liquidated over the last 24 hours. Most of the REKT funds are from short positions ( $329 million). Crypto derivatives have also come out of bearish dominance as more than 52% of the current open orders are long.