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Will October 2022 Be Another Positive Month for the Crypto King?

Cryptocurrency Oct 03, 2022 04:30AM ET
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Will October 2022 Be Another Positive Month for the Crypto King?
 
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  • Data from Coinglass shows that October has been a positive month for BTC historically.
  • BTC’s price is up 2.56% over the last 7 days according to CoinMarketCap.
  • Currently, the price of BTC is trading at $19,221.51.

As October kicks off, the question on investors’ minds is whether or not this month will spark a meteoric price surge for the crypto market leader, Bitcoin (BTC).

Data from Coinglass shows that October is generally a good month for BTC’s price. Historically, 2021, 2020, 2019, 2017,2016, 2015 and 2013 have seen the crypto king post double-digit profits. Coinglass shows that the returns for the aforementioned years are around 39.93%, 27.7%, 10.17%, 47.81%, 14.71%, 33.49%, and 60.79% respectively.

BTC monthly returns (Source: Coinglass)

At the moment, the price of BTC stands at $19,221.51 after dropping 0.63% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. Despite this, the first week of this month has seen BTC’s price rise 2.56%, which could be an early sign that October 2022 will be another positive October month for the crypto.

BTC/USDT weekly chart (Source: CoinMarketCap)

Looking at the weekly chart for BTC/USDT, the price of BTC has started a bullish climb towards the 9 Exponential Moving Average (EMA) line. This comes after a large amount of buy volume entered the market over the last week. This trend in bullish trade volume seems to be continuing this week as buy volume for BTC overshadows sell volume for it.

Despite the powerful introduction of buy volume for BTC over the last week, the 9 EMA line is still positioned below the 20 EMA line, which is a bearish sign that crypto traders and investors need to be aware of.

Should the price of BTC successfully challenge the 9 EMA line, then the sentiment for BTC will start flipping bullish.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Will October 2022 Be Another Positive Month for the Crypto King? appeared first on Coin Edition.

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Will October 2022 Be Another Positive Month for the Crypto King?
 

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