The cryptocurrency market was seen changing history. Over the last several years, Bitcoin (BTC) and other assets have ended September on a bearish note. But the market was seen closing this month in the green. Bitcoin has seen a nearly 8% rise throughout the past 30 days. This further led the community to believe that BTC had a quick start to “Uptober.”
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The latest price growth of the king coin can also be related to its potential surge in the coming month. The October performance of BTC in history is touted as “Uptober” by fusing the words “Up” and “October.” According to past statistics, October usually sees strong momentum for both Bitcoin and the other leading cryptocurrencies. This month has been optimistic for Bitcoin, according to CoinGlass statistics. Just last year, the cryptocurrency saw a gain of 28.52% MoM.
Speaking about the same, analyst Ali Martinez said earlier this month,
“Even though September has historically been a rough month for #Bitcoin, keep in mind that October is just around the corner. Often called “Uptober,” it’s known as one of the best months for $BTC.”
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Can This Year’s ‘Uptober’ Push Bitcoin to $80K?
It looks like Bitcoin will shy away from hitting $80,000. While the asset has enough momentum, Changelly revealed that BTC will only make it to $78,949.06. Even though this comes as a disappointment, the asset will not only reclaim its current all-time high but also hit a new one. Currently, BTC trades 13% below its peak of $73,750.
The firm revealed that the king coin will trade at an average price of $72,637.43 throughout the next month. The lowest that BTC will drop to is $66,325.79.
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