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Bitcoin

One Week Left Until ‘Uptober’: Analyst Shares How High The Bitcoin Price Can Go

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The fourth quarter (Q4) of every four-year cycle has always been historically bullish for Bitcoin (BTC). With Uptober just a week away, a crypto analyst has shared predictions on how high the price of Bitcoin could soar during this typically bullish season.   

Here’s How Far Bitcoin Can Climb In Uptober

In a recent X (formerly Twitter) post, crypto analyst, Jelle shared insights on how the next few weeks would have an impact on the price of Bitcoin. According to various analysts, the month of September is seen as a historically bearish period for BTC, characterized by volatility and severe price declines. However, in the crypto market, a prolonged bearish period often precedes a breakout. 

Related Reading: XRP Surpasses Cardano, But Solana Remains Institutional Investors Favorite, Here’s Why

With September wrapping up, the highly anticipated Uptober is set to begin. The term “Uptober” was coined by many within the crypto community to describe the typical upward pricing pattern seen during October. Jelle has pointed out that in the previous two bull cycles, during the volatile “summer chop fest seasons,” Bitcoin’s price had broken out two to three weeks after the start of Q4, which begins in October. 

Based on this recurring bullish trend, the analyst has suggested that a similar price breakout might occur for Bitcoin within a few weeks of October. Jelle shared a detailed chart of BTC’S price movements from 2020 till date, pinpointing the cryptocurrency’s next price target. 

Bitcoin 1
Source: X

He predicted that Bitcoin’s price could surge as high as $150,000 in October. For this significant price increase to occur, Bitcoin would need to rise about 135% from its current price of $63,817 as of writing. 

Sharing a similar sentiment, a crypto analyst known as ‘Altstein Trade,’ disclosed that October is a pivotal month for BTC and with historical patterns in mind, the market might see some exciting possibilities. He added that if Bitcoin can push through the chop fest season, the anticipated breakout in Q4 could set the stage for new highs.  

In a previous post, Jelle also revealed that BTC was presently on track to witness the strongest September performance in history. He disclosed that if the cryptocurrency can close September in the green, Q4 of 2024 could be very promising, with the strong likelihood of October, November and December being significantly bullish. 

BTC Fractal Patterns Hint Repeat Of Last Year’s Uptober

Bitcoin expert and analyst, Kaleo has drawn parallels between Bitcoin’s price action and performance in the last year to the current trends observed in September 2024. Kaleo pointed out that September 2023 marked a bottom for Bitcoin, however, the cryptocurrency experienced an upward momentum at the end of September, extending to December.  

Related Reading: Dogecoin Whales Rouse From Slumber With Almost 1,000% Surge In Activity, Will Price Follow?
Bitcoin 2
Source: X

As a result, the analyst remains optimistic about Bitcoin’s future outlook, expecting the cryptocurrency’s price action to play out based on historical bullish patterns in Q4. Based on his price chart, Kaleo projects that BTC could potentially witness a price surge to $112,000.   

Bitcoin price chart from Tradingview.com
BTC price at $63,600 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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