Key Takeaways:
- The crypto market jumped by $32 billion on Oct. 1.
- Historic calculations point to a bullish continuation — or ‘Uptober.’
- BTC bulls accumulate in self-custody wallets.
YEREVAN (CoinChapter.com) — The crypto market’s total valuation surged by $32 billion on Oct. 1, triggered by the ‘Uptober’ euphoria.
Past performance indicates the bullish streak could continue.
Bitcoin Price is Eyeing 15% Gains in October — Uptober Fractal
As Bitcoin accounts for 50% of the crypto market valuation and often dictates the sentiment in the sector, a closer look at the alpha coin is warranted for a better prognosis. The BTC/USD exchange rate reached $28,000 in the Asian-Pacific session on Oct. 2, after a 4% jump the day prior.
The price action sought support from the 200-day exponential moving average (200-day EMA; blue wave) and the 50-day EMA (orange wave), establishing a 6-week high.
Meanwhile, past performance in October — or Uptober — plays in the bulls’ favor. As CoinChapter reported earlier, chartered market technician (CMT) Adrian Zduńczyk noted that Bitcoin’s average Uptober gains stand at 15% after the historically “destructive” August and September.
The expert also calculated that after the average 6.45% loss in September, the market typically closed in October-December with a 50.84% profit. Bitcoin could aim for $30,000 by 2024 if the past is any indication.
The previous four years confirm the findings.
Crypto Supply on Exchanges Wanes
While a bullish continuation is never guaranteed, the continuous Bitcoin outflow from exchanges backs the optimistic prognosis. According to on-chain data provider CryptoQuant, the BTC supply on all exchanges shrunk by over 20,000 coins in September and reached $2.036 million on Oct. 2.
Another sign of Uptober.
Typically, waning exchange supply speaks of holders’ determination to store their coins rather than exchange them, constituting a bullish factor. The number of non-exchange or self-custody Bitcoin addresses is rising, backing the assumption.
Moreover, according to another on-chain analytical platform, Glassnode, long-term Bitcoin holders reached 76.1% of the total outstanding BTC supply in late September.
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