October has historically been one of the strongest months for Bitcoin (BTC), but one trader argues that it would be wrong to place too much importance on the month as a whole.
“I think it is a mistake to focus too much on a month, a period, or any larger unit of time,” Oliver Velez wrote in an X post on October 2.
Bitcoin’s average monthly return in October was 20.65%. Source: Coinglass
Veles emphasized that although October is often referred to as the ‘Uptober’ due to historically strong returns, it is generally the second half or second half of October that tends to be more bullish than the first half.
Echoing similar sentiments, Cane Island Alternative Advisors founder Timothy Peterson said in an Oct. 2 post:
“Most of the ‘Uptobers’ don’t start until after the 19th. “Be patient.”
Velez suggested traders take a broader view by looking at “stats from October to May.”
This comes after Bitcoin and Ethereum (ETH) showed price drops of 5.6% and 11.4%, respectively, since October 1.
At the time of publishing, Bitcoin is trading at $60,113. Source: TradingView
Peterson noted that this October was “Bitcoin’s worst start in at least a decade.”
But Velez believes a slow start to October could set the stage for a stronger market push later in the month.
“The weakness from September to early October this year is a factor creating a strong aftereffect. Think of the market as squatting during this period before it springs up to stay there for the next few months,” Velez argued.
“No matter what the academics say on their chalkboards and fancy charts, October marked the start of one of the most optimistic cycles in history.”
relevant: Bitcoin traders highlight ‘bullish’ market, BTC price threatens $60,000.
Meanwhile, pseudonymous cryptocurrency trader Titan of Crypto noted that the asset performed better than expected in September, which has often resulted in negative returns for cryptocurrencies. Nonetheless, with October off to a slow start, traders are already bracing for the worst this month.
“September started with a deficit and everyone was asking for $40,000. However, the 38.2% Fibonacci level remained bullish, closing with a green monthly candle,” they said in an X post on October 2.
“October has just begun, and everything is turning dark and doomy again,” they added.
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
October has historically been one of the strongest months for Bitcoin (BTC), but one trader argues that it would be wrong to place too much importance on the month as a whole.
“I think it is a mistake to focus too much on a month, a period, or any larger unit of time,” Oliver Velez wrote in an X post on October 2.
Veles emphasized that although October is often referred to as the ‘Uptober’ due to historically strong returns, it is generally the second half or second half of October that tends to be more bullish than the first half.
Echoing similar sentiments, Cane Island Alternative Advisors founder Timothy Peterson said in an Oct. 2 post:
“Most of the ‘Uptobers’ don’t start until after the 19th. “Be patient.”
Velez suggested traders take a broader view by looking at “stats from October to May.”
This comes after Bitcoin and Ethereum (ETH) saw price declines of 5.6% and 11.4%, respectively, since October 1.
“At least within 10 years.”
But Velez believes a slow start to October could set the stage for a stronger market push later in the month.
“The weakness from September to early October this year is a factor creating a strong aftereffect. Think of the market as squatting during this period before it springs up to stay there for the next few months,” Velez argued.
“No matter what the academics say on their chalkboards and fancy charts, October marked the start of one of the most optimistic cycles in history.”
relevant: Bitcoin traders highlight ‘bullish’ market, BTC price threatens $60,000.
Meanwhile, pseudonymous cryptocurrency trader Titan of Crypto noted that the asset performed better than expected in September, which has often resulted in negative returns for cryptocurrencies. Nonetheless, with October off to a slow start, traders are already bracing for the worst this month.
“September started with a deficit and everyone was asking for $40,000. However, the 38.2% Fibonacci level remained strong, closing with a green monthly candle,” they said in an X post on October 2.
“October has just begun. “Everything is turning dark and doomy again,” they added.
magazine: Advanced AI Systems Are Already ‘Self-Aware’ — ASI Alliance Founder
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.