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Bloody September has come and gone. What can we expect from the month of October? Like September, October has also had a bad reputation in the stock market, even so as to have had the name “The October Effect”. “The October Effect” is a market anomaly and not related to any particular market event or news.
What about the cryptocurrency market? Historically, how has Bitcoin performed during the month of October? Will October be a red month? Or will it be taking Bitcoin to higher highs and live up to its name “Uptober”?
The statistics do not support the bad reputation October has been given. In the Cryptocurrency Market Bitcoin definitely has performed better in October than September. Looking back at the Bitcoin charts it’s easy to see that Bitcoin tends to see positive returns in the month of October.
As a crypto investor/trader, should you be excited? Is it time to go all in?
Over the last decade, six out of ten Octobers were green, and the last two years have been green. The average historical monthly return for Bitcoin in the month of October is about 32%! When October has been red, the returns were about -23%.
October seems to be a promising month for Bitcoin. However, traders should still be cautious. The months of April and May, like October, have historically been green months. 2021 decided that both would be red this year.
During the first week of October 2021, Bitcoin experienced a relatively large increase in value reaching $56,000, an increase in nearly 15%! October has so far increased over 25% since bloody September!
The second week of October performed even better then the first! The bulls completely took control and have driven the price up to just under $63,000 USD! The week closed with Bitcoin breaking out above the upwards trend channel and above $61,500 USD.
The third week of October Bitcoin shocked the entire world and exploded past it’s previous all time high of $65,000 USD and reaching $67,000 USD! Bitcoin printed it’s highest daily candle ever closing just under $66,000 USD. Since then Bitcoin made a healthy correction and closed the week above the previous resistance of $60,000 USD; This was the first red week of October.
This last week the bulls and bears have been fighting, and throughout the majority of the week they almost appear to be evenly matched! The bears seemed to have taken control however during the last few hours of the week the bulls showed that they were in control! Bitcoin printed it’s final green weekly candle for October!
Interestingly, in the past green months of October the majority of the weekly candles were all green. For the most part October 2021 had 3 green weeks and one red week last week.The overall look for Bitcoin looks fantastic. Add another green month to the history books! Bitcoin is well above the October monthly average increase of 32%.
The Bitcoin Fear and Greed Index has settled between “Extreme Greed” and “Greed.” Technical indicators are saying this is still a good buying opportunity.
What’s next for November? Stay tuned for my next post tomorrow!
Always remember that in the markets anything can happen. Always expect the unexpected. Stick to your plan. Take profits. Set your stop losses. Don’t get greedy.
Thank you for your time! If you found this article interesting or helpful in any way please let me know in the comments below. Feel free to follow me for more articles on how I invest or how I earn other free rewards such as crypto, stocks, or gift cards.
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*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*
