With Halloween coming up fast, traders are anxious to see what happens with the price. The holiday is traditionally important for the financial market and the crypto market too. With the exception of 2018, Halloween has historically been great for Bitcoin. The price in this period was higher than the year before. If the algorithms and patterns align this year too, we’re looking at a price jump in a few weeks.
According to some ML (machine learning) algorithms, we’re expecting an increase of around 10%. It would be a great spark for Bitcoin’s bull run which has been a bit stuck at the moment.
Scary Changes this Halloween?
The latest price news say that the self-learning machine algorithm on the tracking platform CoinIndex suggests a 9.56% price jump for Bitcoin this Halloween. The leading cryptocurrency on the market is supposed to be trading over $28,000 on October 31. Considering it’s in the mid-$26,000s right now, that’s a big jump. We’ve been talking for a bull run for some time now, and that might be the spark that triggers it all.
Another thing that might fan the fire is the Uptober phenomenon. Bitcoin has historically been doing great in the month of October. It even demonstrated strength in 2022 when the entire crypto sector was facing massive selling pressure after FTX’s demise. By the end of October 2022, Bitcoin was selling at over $21,000, which is over $2,000 higher than its previous price.
If we take a look a year before, Bitcoin’s price on October 2021 was $61,300. Its market valuation was up that time of the year too, with the crypto’s highest price point ever achieved in November 2021. The same price jump happened in 2020, 2019, and before, with the exception of 2018. That’s why crypto traders call October Uptober.
Right now, Bitcoin is trading in the low to mid $26,000s. This is a jump of around 0.5% in the past 24 hours. However, the price is on the decline over the past week, and sees an overall gain of over 0.5% on the monthly chart. Overall, all technical indicators show that we may be up for another Uptober run. Halloween may be the scariest time of the year, but not for Bitcoin.
BTC’s Price is Up 0.6% – Is a Bull Run on the Cards?
In the past week there’s been renewed interest in Bitcoin trading among investors and crypto enthusiasts. The 24-hour trading volume stands at $10 billion. Bitcoin’s overall monthly surge is at nearly 0.6%, with a market capitalization of $510 billion. Everyone’s hoping for a bull market, despite the fact that a decline is expected in the short run.
But, despite putting up a fight, it has been unable to break the $27,500 resistance. It’s a bearish disposition at the moment, but things can chance in October. As Halloween approaches, everyone’s gearing up for the eventually higher price. We hope it goes higher too, and with the latest developments in China where it has been recognized as a valuable asset, we may be in for a fun ride.