[ad_1]
Bitcoin could go “to the moon” in October, if the asset follows its historical price pattern for the month, according to Compass Point. The world’s oldest cryptocurrency notched gains in 10 of the last 12 Octobers since 2013, making it the strongest month for the asset in terms of seasonality. The digital asset’s historically strong performance in October has led bitcoiners to rechristen the month “Uptober.” “October’s strength is typically supported by September weakness, where seasonally softer September performance historically improves October’s [month-over-month] setup,” Compass Point analyst Ed Engel said Tuesday in a note to clients. Those seasonal tailwinds come as macroeconomic conditions become more dire, adding to the catalysts for another potential bitcoin rally. The U.S. government shut down on Wednesday after lawmakers’ efforts to reach a deal on federal funding stalled, prompting some traders to turn to bitcoin as a hedge against growing political and economic uncertainties. The cryptocurrency rose nearly 3% on Wednesday, sailing north of $117,000 — a few percentage points off its record price hit in August 2025. The token is up more than 90% over the past year, largely boosted by President Donald Trump’s ratcheting back of federal regulations on the asset and its industry. If history is any indication, bitcoin is poised to go even higher this month. However, the bar for it to book big month-over-month gains this October will be higher, due to the asset’s better-than-expected performance last month, according to Compass Point. BTC.CM= YTD mountain Bitcoin year to date Bitcoin gained 5% this September, whereas it has historically ended the sluggish summer month lower.
[ad_2]
Source link
