Bitcoin, the largest cryptocurrency in the ecosystem, is currently trading at a price of $20,140.48, up slightly by 0.09%. Even though the price of Bitcoin breaks the symbolic $20,000 mark, the crypto market is falling today.
Nevertheless, Ether, the token associated with the Ethereum blockchain which is in second position in the crypto landscape, is trading at the time of writing this article at 1,358.95 dollars and enjoying a rise of 1, 00%. Dogecoin, up 6.80% with a price of $0.06, while Shiba Inu climbed 2.20% to $0.000011.
This implies a change in pattern that could indicate a reversal in the market trend, and October could be a particularly bullish month for cryptocurrencies.
Will October be on the rise?
Justin Bennett, a recognized trader and specialist in the crypto sector, has just published his Bitcoin (BTC) roadmap for the month of October, which will also include a series of market analyzes.
“As long as the price remains above $18,700, here is my roadmap for the month of October. »
The analyst predicts that the first cryptocurrency in the ecosystem will maintain a price above the $18,700 mark throughout the month.
Based on previous performance, October is historically a positive month for investing in Bitcoin. The most attentive investors have already noticed that the month of October is typically a positive moment for the whole crypto market. Due to last year’s strong run, at the beginning of November the price of Bitcoin reached a high of $66,000.
Galois Capital, a crypto investment fund known for correctly anticipating the fall of Terra due to the algorithm of its stablecoin UST, posted on Twitter:
The meme was very quickly adopted by other accounts with a large number of followers.
The October effect could reinforce the uptrend of the crypto market
Although the term “Uptober” is relatively new, it quickly gained popularity during the major market surge last year. The general opinion is that October as well as November will be positive for cryptocurrencies, especially for Bitcoin.
Bitcoin’s performance in October has been positive 8 times over the past 10 years, including 2022. Moreover, despite September’s slight decline, BTC has shown positive signs. On average, the month of October shows a return of around 30%. Moreover, 66% of the investments made in October generated a profit.
According to data from Coinglass, October is historically a positive month for the industry’s largest cryptocurrency in terms of monthly return.
Contrary to popular belief, the October effect that predicts that October will be a losing month only applies to the traditional stock market.
October is particularly significant for cryptocurrencies due to Satoshi Nakamoto, the project’s anonymous founder, who first published the Bitcoin whitepaper on October 31, 2008.
October offers high ROI potential
Crypto analyst James Altucher, creator and host of the InvestAnswers channel, believes that as the last quarter of the year begins, October will be a bull month for Bitcoin.
James Altucher points out and states:
“Let’s take a look at how October compares to other months in Bitcoin history. You can see from the data that September is red while August is an indicator of profitability. But historically, October is the third best month. And that’s why a lot of people use the term Uptober. »
Based on historical October returns, he strongly believes that Bitcoin could hit the $26,000 mark within the next four weeks.
According to James, October is the third best month for ROI, and that’s why the Uptober meme has become popular with a number of people, especially on Twitter.
The crypto community is bullish for Ethereum in October
Many cryptocurrencies are in the green on their daily and weekly charts. This also includes Ethereum (ETH), ‘one of the most important cryptos’, which has led investors to speculate that the overall market will continue to rise by the end of October.
According to data from Coinglass, Ethereum price has often performed exceptionally well in October.
Community voting on CoinMarketCap predicts that the Ethereum token will trade at an average price of $1,578 on October 31, 2022, based on data obtained on September 27 using the platform’s “Price Estimate” category. .
Additionally, the crypto community’s prediction for Ethereum price received 2,244 votes, showing a 13.34% increase.
Bitcoin Price Technical Analysis
Bitcoin is currently hovering around the psychological barrier of $20,000. In my previous Bitcoin analysis, I mentioned that BTC/USD formed a descending triangle pattern, extending important resistance near $20,478.
Additionally, Bitcoin failed to break through the resistance drawn by the trendline and is now heading below the 50-day moving average, providing immediate support as it approaches the symbolic $20,000 mark.
Major technical indicators such as the RSI and the Moving Average Convergence and Divergence (MACD) are above 50 and 0, indicating a buying trend. Nevertheless, the “hanging man” pattern signals a possible downside correction today.
The immediate support for Bitcoin remains at $20,000 with a lower support level located at $18,650.
Ethereum Price Technical Analysis
ETH is currently consolidating in a narrow range that hovers between $1,300 and $1,400, potentially waiting for a paradigm shift to initiate a sharp rise. On the technical side, ETH/USD is trading slightly higher after recovering the $1,300 support level.
On the daily timeframe, there is an ascending triangle pattern that can plot immediate resistance near the $1,400 level. Ascending triangles very often herald a move into a bullish stage, so the odds of ETH rising remain high.
As a result, a positive cross above $1400 could pave the way for an uptrend that extends to $1575 or $1650. If the price of ETH continues to rise, it might even hit $1,795. Note that support remains near $1,300 and $1,227.
At the level of Altcoins
In addition to the most important cryptocurrencies in the ecosystem, new altcoins are causing a sensation in the press at the moment. IMPT, a new protocol, has been developed to help companies and investors track and control their carbon footprint. The protocol is designed to reward its users for their participation, in addition to opening the door to the carbon credit market to non-institutional investors.
IMPT is currently in the presale phase and is showing spectacular performance, this after raising over $1.4 million in just 4 days of presale.
Alongside it, Tamadoge is also in the spotlight after rising nearly 300% from its low of $0.01683. The first Tamadoge NFTs are now available on OpenSea, with 100 ultra-rare Tamadoge Pets.
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