Could Bitcoin end “uptober” with a negative result?

So far, the largest cryptocurrency has had a rather poor performance in what is typically its best month. With just four days left until November begins, we’re not sure whether we’ll close with a loss or a gain. What’s next for Bitcoin?

With the recent Bitcoin price surge to $116K, is BTC slighly in the plus with 1,29%.

20%

With an average gain of 20% and a monthly gain in 90% of the October months during the past decade, it seemed a foregone conclusion that Bitcoin would close out October (hence its “uptober” name among crypto enthusiasts as) with a new all-time high. It did, but that new all-time high was achieved so early in the month (during the first week) that the following weeks were a bit of a bummer. With just a few days until November begins, it’s even possible we’ll end the month on a negative note.

In nine of the last ten years, Bitcoin closed October with a gain, nearly its best monthly performance. These gains were followed by more gains in November and December of that year in 50% of cases.

Japan

Only the disastrous 2018 was an exception. It marked the end of the 2017-2018 bull run, when the global press first heard about crypto and people, especially in Japan and South Korea, went completely crazy for it. In the last quarter of 2018 however, we dropped from a price of $20,000 all the way down to $3,000.

But this time, things seem different. Normally, the Bitcoin bull run that began in 2022 is expected to end this year, but due to the influx of institutional money, the support around $100,000 seems very strong. Mind you, that seems so natural right now but suppose the markets finally burst that predicted AI bubble, and things could go south rather fast.