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The main cryptocurrency, Bitcoin (BTC), finished September up 7.35%, making it the best September on record in its price history, reports Spot on Chain. Building on this, with the power of its AI model, the blockchain service is predicting an uptrend for the last quarter of the year, starting from October, which has become known as "Uptober."
According to AI-based Analysis, there is now a 69% chance that Bitcoin could set a new all-time high this month, while a 54% chance exists that the price may reach $100,000 per BTC by year's end.
Yuri MolchanWhat is interesting is how October's price history backs up the current forecast. Bitcoin has not had a bad October since 2018. On average, it gained 14.2% in the tenth month of the year, with a median return of 12.7%.
This further supports the projections and, given Bitcoin's price history record, it seems that the stars are aligning for a surge as we head into the fourth quarter.
While the previous all-time high for Bitcoin was set at $74,000 earlier in March, there is a good chance the major cryptocurrency may break another record soon. The AI models are more confident now, and the price history is supportive.
Thus, market participants who have been watching closely are preparing for potential gains.
Arman ShirinyanAs Bitcoin keeps proving it can bounce back and grow, many now expect the last quarter to deliver the same strong performance that has made it an "Uptober" success story in the past.
Vladislav Sopov
Godfrey Benjamin
Dan Burgin
U.Today Editorial Team