Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Adam Back, known as an associate of enigmatic Bitcoin (BTC) creator Satoshi Nakamoto and even mentioned in the whitepaper of the first cryptocurrency, shared an ultra bullish prediction for the coming month. September ends with a gain of over 11.3% to the BTC price, and now many are expecting a continued celebration in October, known in the crypto community as "Uptober."
Back seems set for a green month ahead, as his latest post on X (formerly Twitter) states that he is preparing for the so-called "Uptober."
Arman ShirinyanIn support of the suggestion that the crypto market, or at least Bitcoin, can expect to rise in the next little over 30 days is the price history of the main cryptocurrency.
Thus, the average value of BTC profitability for all Octobers in its history - and there are almost 13 of them - is 15.5%. Even more strictly measured, the median value is kept at 14.9%.
What could go wrong?
While Adam Back and a number of other prominent figures in the crypto space are gearing up for "Uptober," some are expressing skepticism that the market will give away money so easily next month to bulls.
The argument being made is that September is also traditionally considered a weak month for the price of BTC, but this time the statistic was rejected and Bitcoin rose by double-digit percentages.
Godfrey BenjaminThis could signal that October and September have switched places, maybe due to the frontrunner of this very "Uptober" narrative, and now at least the first half of the coming month will be stagnant.
One may agree or disagree, but such a catch would definitely be in the spirit of the crypto market.
Yuri Molchan
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin