Bitcoin ‘Uptober’ Not Looking Likely for Traders

Bitcoin (BTC) traders are patiently awaiting the phenomenon known as “Uptober.” This phrase is so cleverly dubbed because BTC has seen gains in October in 10 out of the last 13 years. 

Bitcoin Recently

September was horrendous for Bitcoin. In fact, the past two years haven’t been great in any way. Despite this, BTC’s most loyal investors still have high hopes even though October is quickly coming to an end. 

As September 2022 closed, Bitcoin failed to hold $20,000–closing at $19,400–a 3% loss. This September continued the BTC losing streak and rivaled the 2018 bear market. 

“#Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles, with the September close,” said Caleb Franzen on Twitter, senior market analyst at Cubic Analytics. “This is the longest such streak since the 2018 bear market, which produced 14 red candles from Feb. ‘18 to Mar. ‘19.”

He then noted that each bear market streak has been longer than the last. But those that are superstitious about Uptober still believe. 

On Oct. 1, Uptober began and BTC was down another 0.7% and was trading at $19,044.11 per unit. But now, Bitcoin is back up to close to 3% since the beginning of the month. 

Bitcoin in the Past Months of October

Bitcoin has come a long way since 2009 when it was close to worthless. In 2010, however, BTC had steep gains and saw real-world value. 

Then came October. 

In October 2010, Bitcoin’s value increased by more than 221%. BTC then went on to have significant losses in October 2011 and 2012. 2018 is the only other October–besides 2009–in which Bitcoin didn’t achieve gains.

However, that was then. This is now. 

There are still two weeks left in the 2022 Uptober at the time of this writing. 

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