Today is the first day of October, a month named “Uptober” in the crypto industry due to its bullish historical trends.
October 1 marks another important date, especially in 2024. Today, China celebrates its National Day, marking its 75th anniversary. Tron’s founder, Justin Sun, highlighted the important event on his X account amidst the debut of Uptober.
The crypto industry is celebrating the beginning of a bullish and optimistic period for Bitcoin and digital assets.
Uptober – A Historically Bullish Month for Bitcoin and Crypto
According to historical data, October has been the most bullish month for Bitcoin.
As CoinGlass data shows, October has been the month with the highest gains for Bitcoin since 2013.
The only two years in which BTC recorded losses this month were 2014 and 2018. But apart from these two years, Bitcoin’s gains during October have been remarkable during the last decade.
The most significant Bitcoin gains in October were seen in 2013 at almost 61%. In the same month, in 2017, BTC recorded price gains of almost 48% and, in 2021, of almost 40%.
Overall, the past decade’s October is the star month of the year for Bitcoin, hence the rebranding of the month’s name to “Uptober” in the crypto industry.
Top 6 Reasons Why 2024 Is Special
2024 is a special year for Bitcoin and the crypto industry for various reasons, all of them leading us to believe that this Uptober will be worthy of its name.
1. 2024 – Bitcoin’s 4th Halving
First of all, 2024 was a Bitcoin halving year. Bitcoin’s halving event took place back on April 20, slashing miner rewards.
Why this matters? Bitcoin halving years tend to see bullish moves in Q4 for the digital asset and the crypto industry as well.
2016, the year in which Bitcoin recorded its second halving, saw a bullish Q4, with significant price gains for Bitcoin during October, November, and December of 15%, 5%, and 31% respectively.
2020, another Bitcoin halving year, also recorded a green Q4, with significant price gains for the last three months of the year as well: almost 28% for October, almost 43% for November, and about 47% for December.
2024 is a Bitcoin halving year as well, as the crypto industry expects a bullish Q4.
2. The Best September for Bitcoin
Also, this year, Bitcoin defied all odds and managed to close its best September ever with price gains of around 8%, according to CoinGlass data.
History shows that during the past decade, September was BTC’s worst month with significant price losses. The worst ones were in 2014, when BTC saw a 19% loss, and in 2019, when the digital asset recorded a price loss of over 13% for the month.
Apart from 2015, 2016, and 2023, Bitcoin saw price losses in September, a fact that led to the re-branding of this month’s name to “Rektember.”
But again, 2024 turned out to be different, and BTC defied all historical odds, closing its highest-return September so far.
It’s also worth noting that during the years with a green September, Q4 of those years was also bullish with notable price gains for the coin:
In 2015, Bitcoin closed September with price gains of over 2%, leading to a bullish Q4 with impressive gains. IN 2016, history repeated itself, with Bitcoin seeing a great September followed by a bullish Q4.
2023 was another year in which Bitcoin recorded gains in September of almost 4%, leading to a great Q4 for the coin as well.
Considering that September 2024 was Bitcoin’s best September, we can only expect Q4 to be the best one for Bitcoin as well. We might even eliminate the “Rektember” worth from the crypto dictionary, who knows.
3. 2024 US Elections – 1st Time When Bitcoin and Crypto Are a Focus
2024 is also special for the crypto industry due to another reason. This is an election year in the US and, unlike previous years, when crypto and Bitcoin were never mentioned by politicians, now, the industry seems to be one of the main focuses.
The best part is that both parties vow to support Bitcoin and crypto, leading people to believe that the industry can thrive under any administration.
Recently, Kamala Harris, the Democrat Presidential candidate addressed the crypto industry for the first time, showing her support.
The Republican candidate, Donald Trump, has been vocal about his Bitcoin and crypto support throughout the year, vowing to make the US the crypto capital of the world, and highlighting how the US Government should never sell its Bitcoin.
Trump’s family even created a crypto project called World Liberty Financial.
4. Approval of Bitcoin ETFs in the US – Mass Adoption
2024 debuted with the approval of Bitcoin ETFs in the US. 11 BTC ETFs were launched in January and have seen huge success ever since.
As of September 30, the US-based Bitcoin ETFs recorded almost $19 billion in cumulative total net inflow, seeing $59 billion in total net assets locked in the crypto products.
BlackRock’s Bitcoin ETF, IBIT, was called by the CEO Larry Fink, the fastest-growing product that they ever had. IBIT now has over $23.2 billion in total net assets locked.
The overall performance of Bitcoin ETFs has demonstrated the digital assets’ ability to attract institutional investors, paving the way towards mass adoption of Bitcoin and crypto in the US and beyond.
5. US Fed’s Rate Cut Decision Triggered a Bitcoin Rally
On September 18, 2024, the Federal Reserve in the US decided to cut interest rates by 50 bps. The FOMC meeting triggered a surge in price for Bitcoin which continued after the Fed’s decision.
Other important economic data in the US has led the Fed to highlight that the economy is on its way to a soft landing, hinting at even more rate cuts this year, which spell out only one thing – more rallied for Bitcoin.
6. FTX Creditor Funds’ Recovery
Over $16 billion will be returned to FTX customers in cash. This Distribution mechanism is important, as usually creditors are repaid by the failed crypto companies in digital assets.
This can lead to people converting their recovered funds into cash, dragging prices down.
But now, creditors could even decide to pour back their money into the crypto market. This means that the worst-case scenario regarding the FTX repayments is that it will have a neutral effect on crypto, but the best-case scenario is that it will pump up prices.
Bonus: CZ is Back!
We can’t highlight enough that Binance’s founder, Changpeng Zhao, also known as CZ, has been released after serving his 4 month-sentence, just in time for the Uptober celebration.
This was a long-awaited event by the crypto industry and CZ’s first messages via social media, confirming that he is a free man, had the crypto community celebrating and looking forward to the future.
The return of CZ in the world as a free man is a very important event, as Binance’s founder has been seen by the industry as its soul. His creation, Binance, remains the most important crypto exchange today, with more than 232 million registered users.
Speaking of being free, Bitcoin was created to help people in times of crisis and offer them alternatives – freedom and hope.
So far, it has demonstrated increased resilience during the worst times, being a hedge against inflation, and a great store of value.
2024 could be a year that proves to the world how Bitcoin is only cyclical in its bullish moves and defies all odds when it comes to its previously pessimistic history.
Uptober will most likely turn out worthy of its name and send Bitcoin to the moon in this last quarter of the year.
