Focusing too much on Bitcoin Uptober is a 'mistake', according to Top analysts

October has long been considered one of the strongest months for Bitcoin, but a trader believes that placing too much importance on the entire month is a mistake.

“I believe that focusing too much on one month instead of longer periods or time frames is a mistake,” Oliver Velez wrote in a post on X on October 2.

Average monthly profit in October for Bitcoin is 20.65% | Source: CoinGlass

Velez emphasizes that although October is often referred to as “Uptober” due to historically strong profit levels, typically the second half or end of October tends to see a strong price increase, rather than the first half of the month.

In a similar vein, Timothy Peterson, the founder of Cane Island Alternative Advisors, declared in a post on X on October 2nd that:

“Most of ‘Uptober’ only starts after the 19th. Please be patient”.

Velez suggests that traders should have a broader view by considering statistical data from October to May.

This happened after both Bitcoin and Ether dropped in price since October 1, decreasing by 5.6% and 11.4% respectively.

Bitcoin is trading at $61,120 at the time of writing | Source: TradingView

Peterson pointed out that this October has seen the “worst start for Bitcoin in at least ten years.”

However, Velez believes that the slow start of October may just be a precursor to a stronger surge at the end of the month.

“The weakness from September to early October is what created the explosion afterward. Think of the market as sitting in this phase before it takes off and flies high in the next few months,” Velez declared.

“Regardless of what economists with their blackboards and intricate diagrams say, history shows that October has launched the strongest price increase of the cycle.”

Meanwhile, analysts at Titan of Crypto noted that the asset has performed better than expected in September, a period that typically sees negative returns for cryptocurrencies. However, with the slow start to October, traders are prepared for the worst this month.

“September has started with red colors, and everyone has predicted the $40,000 level. However, it ended with a green monthly candle, holding the 38.2% Fibonacci level,” they shared in a post on X on October 2nd.

“Now, October has just begun, and everything has become gloomy,” they added.

You can view coin prices here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their research before making any decisions. We are not responsible for your investment decisions.

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According to Cointelegraph