Bitcoin Price and Ethereum – Will October be a Bullish Month?

Bitcoin, the leading cryptocurrency, is currently trading at $20,140.48, up 0.09%. Even though Bitcoin’s price is still far above $20,000, cryptocurrency values fell sharply today. 

However, Ether, the token associated with the Ethereum blockchain and the second-largest cryptocurrency, is trading at $1,358.95 and is up 1.00%. Dogecoin is up 6.80% to $0.06 today, while Shiba Inu is pumped nearly 2.20% to $0.000011. 

It implies that a change in a pattern could signal a trend reversal, and October could be a bullish month for cryptocurrencies.

Will October be a Bullish Month?

Justin Bennett, a well-known cryptocurrency trader, has just released his Bitcoin (BTC) playbook for the month of October, along with a set of market analyses. 

As long as $18,700 holds, this is my #Bitcoin playbook through October. 

The analyst predicts that the flagship cryptocurrency will stay over $18,700 throughout the coming month.

Based on past performance, October could be a good month to invest in Bitcoin. Market watchers for cryptocurrencies have noticed that October is typically a good month for the currency. Due to growth from the previous year, early in November, it hit a record high of approximately $66,000.

Galois Capital, a cryptocurrency hedge fund known for correctly predicting the collapse of Terra’s algorithmic stablecoin UST, tweeted:  

The meme was quickly adopted by other accounts with sizable followings as well.

October Effect Could Drive Uptrend in Crypto

Although the term “Uptober” is relatively new, it gained popularity during last year’s record-breaking rise. However, conventional wisdom predicts that October and November will be good months for cryptocurrencies, particularly Bitcoin.

Bitcoin’s performance in October has been positive eight times out of the last 12 months, and BTC has shown positive performance in eight of the past twelve years, with an average return of around 30%. So far, 66% of investments made in October have yielded a profit. 

According to Coinglass data, October has historically been a positive month for the most popular cryptocurrency in terms of monthly returns.

Bitcoin Price and Ethereum – Will October be a Bullish Month?

Bitcoin monthly returns. Source: Coinglass

Contrary to popular belief, the “October effect,” which predicts that October will be a losing month, only applies to traditional stock markets. 

October is especially significant for cryptocurrency because Satoshi Nakomoto, the project’s pseudonymous founder, published the project’s white paper for the first time on October 31, 2008.

October Offers the Highest Returns in Crypto

Cryptocurrency strategist James Altucher, the host and creator of InvestAnswers, believes that as the year’s final quarter officially begins, October will traditionally be a strong month for Bitcoin. 

James Altucher said:

“Let’s look at how October benchmarks against other months in the history of Bitcoin. Here you can see September is red August is like breakeven. But October is the third-best month historically. And that’s why many people refer to it as Uptober.”

Based on the historical return for October, he believes Bitcoin could reach $26,000 in the next four weeks.

According to James, October had the third-highest average monthly returns. He believes that October is historically the third-best month. As a result, many people refer to it as Uptober.

Crypto Community is Bullish for Ethereum in October

Many cryptocurrencies are trading in the green on their daily and weekly charts. It also includes Ethereum (ETH), one of the largest tokens, which has led the crypto community to predict that the market will continue to rise by the end of October.

According to Coinglass data, the Ethereum price has historically performed exceptionally well in October.

Bitcoin Price and Ethereum – Will October be a Bullish Month?

Ethereum monthly returns. Source: Coinglass

The community votes at CoinMarketCap predicted that Ethereum’s token would trade at an average price of $1,578 on October 31, 2022, according to the most recent data obtained on September 27 using the platform’s ‘Price Estimates’ tool.

Notably, the cryptocurrency community’s forecast for Ethereum’s price, which received 2,244 votes, shows a 13.34% increase.

Bitcoin Price & Technical Outlook

Bitcoin is currently trading near the psychological level of $20,000. In my previous Bitcoin update, I mentioned that the BTC/USD pair had formed a descending triangle pattern, extending significant resistance near $20,478.

Bitcoin failed to break above the trendline resistance and now heading south to cross below the 50-day moving average, providing immediate support near the psychological level of $20,000 in this case.

Bitcoin Price and Ethereum – Will October be a Bullish Month?

Bitcoin Price Chart – Source: Tradingview

Leading technical indicators such as the RSI and moving average convergence and divergence (MACD) are above 50 and 0, still indicating a buying trend. However, the “hanging man” candlesticks pattern is signaling chances of a bearish correction today. 

On the downside, Bitcoin’s immediate support level remains at $20,000, with $18,650 serving as an immediate support level below this level. 

Ethereum Price & Technical Outlook

ETH is currently consolidating in a narrow trading range of $1,300 to $1,400, possibly awaiting a strong fundamental reason to trigger a breakout. On the technical side, the ETH/USD pair is trading marginally higher after recovering from the psychological support level of $1,300. 

On the daily timeframe, a small ascending triangle pattern provides immediate resistance near the $1,400 level. Ascending triangle patterns have a high likelihood of breaking out on the bullish side, so the odds of an ETH’s bullish bias remain high.

Bitcoin Price and Ethereum – Will October be a Bullish Month?

Ethereum Price Chart – Source: Tradingview

As a result, a positive crossover over $1,400 may clear the way for an uptrend to extend to $1,575 or $1,650. If the price of ETH continues to rise, it might reach $1,795 per coin. Support, on the other hand, remains near $1,300 and $1,227.

New Altcoin News

In addition to leading cryptocurrencies, new altcoins are making headlines. IMPT, a new protocol, is being developed to help businesses and people track and control their carbon footprint. The protocol is designed to reward and incentivize users for their participation.

IMPT is on a presale, and it’s exhibiting a massive performance, having raised more than $1.4 million in just four days of its presale.

Alongside, Tamadoge is also under the spotlight, having gained more than 300% from its all-time low of $0.01683. The first Tamadoge NFTs are now available on OpenSea, along with 100 ultra-rare Tamadoge Pets.

Find The Best Price to Buy/Sell Cryptocurrency:

Bitcoin Price and Ethereum – Will October be a Bullish Month?

Cryptocurrency Price Tracker – Source: Cryptonews

NEWS RELATED

Crypto lender BlockFi files for bankruptcy as FTX contagion spreads

Prominent cryptocurrency lending platform BlockFi filed for bankruptcy on Monday as the contagion effect from FTX’s collapse spreads through the sector, company officials said. The company’s bankruptcy filing stated it has more than 100,000 creditors, along with estimated assets and liabilities of between $1 billion and $10 billion. BlockFi confirmed ...

View more: Crypto lender BlockFi files for bankruptcy as FTX contagion spreads

Today in Crypto: UK Crypto Fraud Up 32% in Year, Line to Shut Down Bitfront Exchange, Nigeria Won't Include Crypto in Plans to Improve Digital Asset Trading

Source: AdobeStock / chonlatit Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________ Security news Cryptocurrency fraud in the UK increased by 32% to £226 million ($273 million) in one year, according to data from the ...

View more: Today in Crypto: UK Crypto Fraud Up 32% in Year, Line to Shut Down Bitfront Exchange, Nigeria Won't Include Crypto in Plans to Improve Digital Asset Trading

10 Best Neo Casinos Sites for 2023

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. Launched in 2017, Neo has already gained impressive traction with crypto investors. In today’s market, this cryptocurrency is also a popular choice among online gamblers – thanks to its incredibly low gas fees and fast ...

View more: 10 Best Neo Casinos Sites for 2023

Deadmau5’s Pixelynx Unveils NFT Scavenger Hunt: ‘Rock Band Meets Pokémon Go’

The Elynxir music metaverse game from Deadmau5 and Richie Hawtin comes to life in Miami this week through augmented reality.

View more: Deadmau5’s Pixelynx Unveils NFT Scavenger Hunt: ‘Rock Band Meets Pokémon Go’

Crypto Lender BlockFi Filing for Bankruptcy and Conducting Major Layoffs as FTX Contagion Claims Another: Source

BlockFi is the latest crypto firm to file for bankruptcy following the collapse of Sam Bankman-Fried's crypto empire.

View more: Crypto Lender BlockFi Filing for Bankruptcy and Conducting Major Layoffs as FTX Contagion Claims Another: Source

Bitcoin Price Prediction as BTC Sees Huge $15 Billion in Volume – Here’s Where BTC is Headed Next

On November 28, Bitcoin price prediction will likely remain bearish under $16,360 support, which will become resistance. Protests in China, the world’s second-largest economy, have caused most of the selling pressure in the overall cryptocurrency market. The cryptocurrency market is falling as a wave of investor jitters swept global markets, fueled ...

View more: Bitcoin Price Prediction as BTC Sees Huge $15 Billion in Volume – Here’s Where BTC is Headed Next

Line to Shutter US Crypto Exchange Next Year, Suspends Onboarding Today

The Japanese social media firm Line will shutter its American crypto exchange, adding that the decision was unrelated to FTX’s collapse.

View more: Line to Shutter US Crypto Exchange Next Year, Suspends Onboarding Today

The Sandbox and Decentraland Investors are Checking Out This New Competitor – Best Metaverse 2022?

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. The Sandbox and Decentraland took crypto by storm in 2021 – leading the GameFi charge and quickly securing respective market caps of between $5 and $10 billion ...

View more: The Sandbox and Decentraland Investors are Checking Out This New Competitor – Best Metaverse 2022?

Dogecoin Jumps 22% in a Week Amid Twitter Payments Speculation

Oryen Network Is The Best Yield On BNB Chain, Beating Pancakeswap And Mdex

Billionaire Mike Novogratz Says These Cryptos Are Here to Stay Despite Current Bear Market – Here’s What You Need to Know

Giveaway: PrimeXBT Gives Away $20,000 in Bitcoin, and Anyone can Participate

Bahamian Authorities Confirm FTX is Under ‘Active’ Investigation, Prime Minister’s Financial Intelligence Unit Involved

Japanese Regulator Suggests it May Be Preparing to Police DeFi

Binance CEO Warns Users to Be Vigilant as Dark Web Hackers Auction Off 500 Million Whatsapp Numbers

How to find interest generating crypto wallets

Bitcoin Price and Ethereum Down 5% amid China Lockdown - Time to Buy?

New York Mayor Supportive of Mining Restrictions but Maintains Crypto Hub Objective

Wahed Projects Announces Strategic Partnership with EnterMed

Attorney General of The Bahamas Defends Its Crypto Savvy in Wake of FTX Crash

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network