Investors will never find rest in this trillions worth of the crypto market, as something keeps happening every other day. One such thing, Uptober, has been trending in the market for days, where investors, analysts, and industry leaders are focusing. Uptober is a famous term, formulated with Up and October, describing the market’s bullish nature during this month.
This abbreviation has come from the historical records of October months, maintaining positive growth for Bitcoin and influencing the rest of the altcoins as well. And now, as the month is just a few days away, the hype is increasing, especially as the Bitcoin price is up by 6% over the week, with the altcoins following the pump.
Historical Bitcoin Data Backing Up The Uptober
As per the Coinglass data, October is the most bullish month of the year, bagging an average growth of 22.9% in the Bitcoin price in the last 13 years. In these years, there were only two exceptions in 2014 and 2018, when the BTC price had negative growth, but that’s also minor.
On analyzing, BTC grew 28.52% in 2023, 5.56% in 2022, 39.93% in 2021, 27.7% in 2020, 10.17% in 2019, and the list never stops for October. All of this has happened under the influence of Uptober, which has pushed the token towards high, making a crypto market rally almost every single year.
Another interesting point is that it has also played a significant role in pushing the market toward the Bull Run three times, and this year might be the fourth incident per many crypto analysts. As the Bitcoin Halving often leads to a bull market, Uptober perfectly coincides with the data, raising the probability of an upcoming bull run.
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. pic.twitter.com/UzwXuT9CNc
— Ali (@ali_charts) September 5, 2024
Due to this pattern in the Bitcoin price growth, 3 out of 4 analysts have hinted at the possibility of witnessing profits in October this year as well.
Will the Crypto Market Rally In October?
Before Uptober, the investors had to face September, the worst-performing month of the year as the crypto market kept falling. The Bitcoin monthly data represents heavy losses this month, and the ongoing month also began with the same trend. However, a significant recovery has saved the market in the last few days. More importantly, these days marked the beginning of the early Uptober or crypto market rally per crypto analysts, which might continue to the next month.
In September, the Bitcoin growth was significant, +8.7% on the charts, and if the trend continues, the next month will become Uptober. Based on this ongoing market growth, many analysts believe in the profit of October, but there are three more reasons for this forecast.
Fed’s 50 Bps Interest Rate Cut
The crypto market depends on various factors, including Macroeconomic events like Interest rate cuts. More importantly, these have a positive effect on the entire crypto industry. As the US Fed implemented a 50bps interest rate cut, it might initiate a ripple effect on the entire finance market, causing the dollar’s value to decline while boosting the cryptocurrencies. This boost has already begun moments after the Fed’s announcement. At the time of writing, the entire market is in an uptrend following the Bitcoin price surge.
As the boost is already visible, this might become the factor fetching the Uptober. Moreover, the rate cuts are not limited to this one time as there are plans for additional cuts, in the future, which will again have the same impact on the market.
Bitcoin and Ethereum ETF Adoptions
In the last few months, two major spot ETFs have entered the market, which gained immediate popularity and brought millions of trades. Interestingly, the spot Bitcoin ETF was the reason behind the BTC’s ATH rally at the beginning of the year, where the price grew past the $73K mark. However, the impact has almost doubled as spot Ethereum ETF has joined the market. Moreover, Solana and XRP ETF are also in process.
Sept 24 Update:
10 #Bitcoin ETFs
NetFlow: +905 $BTC(+$57.23M)?#Fidelity inflows 393 $BTC($24.87) and currently holds 177,460 $BTC($11.22B).9 #Ethereum ETFs
NetFlow: +1,283 $ETH(+$3.35M)?#Grayscale Ethereum Mini Trust inflows 1,131 $ETH($2.95M) and currently holds 380,020… pic.twitter.com/M0odHHnfPU— Lookonchain (@lookonchain) September 24, 2024
The introduction of these ETFs has boosted the investors’ confidence in the market, which hints at rising trades and increasing demand, causing the bulls to enter the market.
US Presidential Election Depending on Crypto
The US presidential election’s impact on the crypto market is high due to candidates making crypto the weapon for winning the elections. The former critic of the industry, Donald Trump, has made a 180 turn, becoming a pro-crypto supporter. He has joined the crypto users since the beginning of the year and has attended the Bitcoin Conference with promises of developing the industry. More importantly, he has launched his crypto venture, World Liberty Financial, and has gained crypto voters’ support.
Even Kamala Harris has publicly endorsed crypto in a recent fundraiser event, promising to focus on these new techs and protecting the investors. Such new interests of the politicians in the industry are pushing the assets higher. Many analysts have claimed to see the Bitcoin price rise past $100K with this new influence.
Final Thoughts
If the next month turns out to be bullish, it can drive the crypto market rally, where Bitcoin will lead with a price of $80K. Moreover, most of the altcoins will hit new all-time highs, recovering the losses of the months and years. However, the crypto market has not always followed a straight path, and various factors could hinder this growth. For now, the macroeconomic factors and political drama are fueling the market, and if the trend continues, October will become Uptober.
