Bitrabo Editorial
The fourth quarter (Q4) of the four-year cycle has consistently shown positive trends for Bitcoin (BTC). With Uptober approaching, a crypto analyst has shared insights about potential price increases for Bitcoin during this optimistic period.
Potential Price Increase for Bitcoin in Uptober
In a recent post on X (formerly Twitter), analyst Jelle discussed the implications of the upcoming weeks on Bitcoin’s price. September has historically been a challenging month for BTC, marked by fluctuations and significant price drops. Yet, in the crypto landscape, a long bearish phase can often lead to a breakout.
As September comes to a close, the much-anticipated Uptober is just around the corner. This term signifies the tendency for Bitcoin prices to rise in October, a trend recognized by many in the crypto community. Jelle noted that in previous bull cycles, Bitcoin often broke out two to three weeks after Q4 commenced in October, following the turbulent summer months.
Given this historical pattern, the analyst believes Bitcoin could experience a similar breakout in October. He provided a comprehensive chart detailing Bitcoin’s price movement since 2020, highlighting its upcoming price target.
Jelle has predicted that the price of Bitcoin may reach as much as $150,000 in October, which translates to a 135% rise from its current price of $63,817.
In agreement, another crypto analyst named ‘Altstein Trade’ emphasized the importance of October for Bitcoin, referencing historical trends that suggest the possibility of significant price movements. He mentioned that if Bitcoin can navigate through the current challenging period, a breakout in Q4 could lead to new all-time highs.
Previously, Jelle indicated that Bitcoin was on track for its best September yet. He stated that if the cryptocurrency finishes September positively, Q4 of 2024 could be very favorable, with October, November, and December potentially showing substantial gains.
BTC Patterns Suggest a Repeat of Last Year’s Uptober
Bitcoin analyst Kaleo has drawn comparisons between Bitcoin’s current price movements and the trends from the previous year, particularly observing the patterns from September 2024. He noted that September 2023 served as a bottom for Bitcoin, which then saw an upward trend toward December.
This analysis fuels his optimistic outlook for Bitcoin’s future. Kaleo predicts that based on historical patterns, Bitcoin’s price might rise to around $112,000.