In recent times, bitcoin’s volatility has been the lowest since 2020 and after last month’s market downturn, crypto-enthusiasts expected a turnaround in October. In fact, ten times out of the past 13 years, bitcoin has posted ten-fold gains in October, leading crypto enthusiasts to call the month “Uptober.” While bitcoin is up close to 3% against the US dollar since the beginning of the month, and with just over two weeks left until the end of October, bitcoin supporters are curious about how this month will end.
Bitcoin still has two weeks left until the end of ‘Tot’ – Leading Crypto is up 3% since October 1st
Bitcoin’s terrible September is over and traders are wondering if October will feature a market reversal for the leading crypto-asset by market capitalization. Bitcoin was series bound and less volatile and currently the technical indicator is called Bollinger Bands extremely tight, indicating that 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 ten times out of the last 13 years. BTC saw percentage losses in October in 2011, 2012 and 2018, and during the rest of the Octobers, except 2009, bitcoin (BTC) made decent gains.
We were all hoping for Uptober #cryptoinstead it looks like we’re going CRABTOBER!!!
Got two more weeks though…
— Lark Davis (@TheCryptoLark) October 16, 2022
In 2009, BTC was considered almost worthless and it wouldn’t be until the following year that the leading crypto-asset saw real value and sharp gains. For example, 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%. Over the next two years, BTC’s performance in October was lackluster compared to 2010. On October 1, 2011, BTC traded for $5.14 per unit and it ended the month down 36.4% 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 12.2% lower for the month. After 2012, BTC would see zero percent 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 gain of 19.06% against the US 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. to $6,153.85 per unit by the end of the month. The following year marked BTC’s first October downturn since 2012, as the price fell 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 climb 19.57% higher against the US 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, achieving a gain of 22.13%. 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 of the month has passed and there are only 16 days left until “Tottober” ends.
At the time of writing, with more than two weeks left in October, BTC is up nearly 3% since the beginning of the month when it traded for $19,044.11 per unit. The current exchange rate on October 18, 2022, at 09:00 AM (ET) shows that BTC is up 2.90% since the beginning of the month. Essentially, at least compared to September, “To” has seen BTC take small percentage gains, but the month is far from over.
With 16 days to go, October 2022 could join the rest of the “Tottober” years, seeing the leading crypto asset post double-digit gains by the end of the month. Or as the Bollinger Bands suggest, the cryptocurrency only has two ways to go, and it can move lower from here, and October 2022 could very well join 2011, 2012 and 2018.
What do you think of bitcoin’s October market performance so far? Do you think bitcoin will go up or down in terms of USD value from here? Let us know your thoughts on this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.