With just five days left until the start of October, many in the cryptocurrency community are eagerly awaiting a potential rally in Bitcoin (BTC). The coming month could kick off Bitcoin’s long-awaited bull run, mirroring a familiar pattern seen after previous halving events.
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Bitcoin price history after halving
In 2016 and 2020, Bitcoin remained largely stable with almost no volatility in the months following the halving. However, in October, the price surged to a new high.
The trend is seen as a sign that Bitcoin often experiences sharp increases in October following halvings.
Bitcoin is once again moving sideways following its most recent halving in 2024. The price has remained stable without any major spikes or dips. With just five days left until the start of October, many now expect this month to follow the pattern of 2016 and 2020, when the price of Bitcoin surged after a period of sideways movement.
Why October is a Bullish Month for Bitcoin
According to Coinglass, October has always been a standout month for Bitcoin, often referred to as “Up October.” Over the past 13 years, Bitcoin’s average price has risen by 22.9% in October. There have only been two times that October has seen a small drop, in 2014 and 2018, but overall, October has been a month of consistent gains.
In 2023, Bitcoin surged 28.52%, in 2022 it soared 5.56%, and in 2021 it soared 39.93%. October, often referred to as "Uptober," not only has a track record of driving Bitcoin prices higher year after year, but it has also played a key role in sparking bull runs. I think we may be on the verge of another bull run.
The election may boost Bitcoin's gains
The upcoming election could give Bitcoin another boost. People like Donald Trump, who used to be critics of cryptocurrencies, are now openly supporting Bitcoin. Trump even vowed to make the United States the capital of cryptocurrencies.
Meanwhile, Kamala Harris also showed support for the cryptocurrency industry as she accepted donations through Coinbase. Both candidates have made cryptocurrencies a key part of their campaigns, giving investors hope for a significant price increase.
Is $100,000 Bitcoin Coming Soon?
With strong history and political support in October, Bitcoin could surge higher. I think we could see Bitcoin surge above $100,000 soon.
As October approaches, everyone's attention is focused on whether the next bull market will start this month.
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