TL;DR Breakdown:
- Crypto Twitter has coined October as “Uptober” following the green market on the first day.
- Most Bitcoiners are hopeful the new month will lead to $100,000 BTC by December.
The month of October, which is now known to Crypto Twitter as “Uptober,” is proving to be a bullish one for the Bitcoin and cryptocurrency market in general, following the green prices witnessed on the first day.
The Uptober trend
On October 1, Bitcoin printed a $4,000 candle in just an hour. From the September closing of $43,650, Bitcoin spiked by 10.5% to over $48,226, brushing off some of the dips last month. Other major altcoins, including Ethereum and Solana, surged as well. Both coins respectively increased by 10% and 16% hours into the day.
Overall, the crypto market valuation returned to $2 trillion on October 1. The whole market move yesterday prompted the term “Uptober” by Crypto Twitter, which shows that crypto investors are positive that the market will be on the upside this month. It also makes reference to the historical data that October is one of the bullish months for Bitcoin.
For the past 11 years, Bitcoin has only recorded four negative returns in the months of October. On average, Bitcoin tends to witness up to a 31% gain in October; thus, investors are hopeful.
Is Uptober reassuring $100k Bitcoin by December?
Many people are also positive that Bitcoin might reach $100,000 by December if the Uptober market trend continues. This is also in line with the predictions made by analyst PlanB via his stock-to-flow model.
As Cryptopolitan previously reported, PlanB predicts that Bitcoin will close at $63,000 in October, $98,000 in November, and $135,000 in December. His predictions for the last two months (August and September) were accurate. As a result, more people are counting on his predictions that Bitcoin will cross $100,000 by the end of the year.
