Historically, October has been a strong month for Bitcoin, with an average gain of 22.9% over the last nine years. Eight of those years showed positive price action, a trend that has led to the coining of “Uptober” within the crypto community.
This month could again bring bullish momentum, possibly pushing BTC past its all-time high of $78,000. Meanwhile, Ethereum (ETH) typically sees modest gains in October, but a surge in call options suggests traders are positioning for a potential rally.
Market Factors
Bitcoin has been trading within a $60,000 to $70,000 range for eight months, and many are speculating whether Uptober could be the catalyst for a significant breakout. Positive market sentiment, steady ETF inflows, and rising perpetual (perp) funding rates are reminiscent of the bullish momentum seen earlier this year. Additionally, with the U.S. elections approaching, volatility may increase, potentially driving higher price movements.
In ETH’s case, despite its average October returns being around 5% in recent years, the spike in call options early this month hints that traders are anticipating a stronger performance than usual.
Trade Idea
Given the possibility of BTC breaking through its current range, traders may want to consider leveraging this momentum.
One potential trade idea for Uptober could be a Bitcoin Call Digital Option (DIGI) at $75,000 expiring on October 25. With a 6.5x payout potential, this trade offers high rewards if BTC can break through its current resistance levels. The spot price of BTC is currently around $64,000, making this a potentially lucrative opportunity.
