Uptober has historically been a bullish month for bitcoin.
The market is waiting to see who will be the next US president.
October has been a mostly bullish month in the history of bitcoin (BTC). That is why many refer to it as ‘uptober‘ (play on words in English that could be translated as “October up”).
But, in 2024, October is being particular. Bitcoin started on October 1 at $64,000. At the time of this publication it is listed on the main exchanges at $66,800.
Although bitcoin shows an upward movement, it is not of such a magnitude that it can be assured that it will end the month in green. The following graph, provided by TradingViewallows you to observe how the price of BTC has moved day by day since October 1:
As you can see, bitcoin started October near $64,000 and has only risen $3,000 since then. It’s not bad, but… It’s not too good for those who had hopes of a super-October either..
And, given all this, it is worth asking ourselves why ‘uptober’ is not manifesting itself in all its splendor and strength for bitcoin? What will happen in 2 weeks in the United States probably has a lot to do with it: a new president is elected.
Donald Trump and Kamala Harris are fighting for a place in the White House. The market is waiting to see who the winner will be and, ultimately, what he will do (beyond campaign promises) in relation to the economy, the Federal Reserve (Fed), regulations on cryptocurrencies, etc.
Until then, bitcoin is likely to remain lateralized. As we get a clearer picture of what is coming, the digital currency would again gain strong momentum that could be upward or downward.
For analysts at Bernstein, a financial investment firm, A Donald Trump victory would catapult bitcoin towards $90,000 in the short term. Instead, If Kamala Harris were the winner, they anticipate a fall towards $40,000.
Beyond that, in the medium and long term they maintain their bullish thesis for bitcoin, ensuring that—no matter who the US president is— will reach $200,000 next year and $1 million in 2033.
