Adam Back, known as an associate of enigmatic Bitcoin (BTC) creator Satoshi Nakamoto and even mentioned in the whitepaper of the first cryptocurrency, shared an ultra bullish prediction for the coming month. September ends with a gain of over 11.3% to the BTC price, and now many are expecting a continued celebration in October, known in the crypto community as "Uptober."
Back seems set for a green month ahead, as his latest post on X (formerly Twitter) states that he is preparing for the so-called "Uptober."
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getting ready for uptober 🟩
— Adam Back (@adam3us) September 27, 2024
In support of the suggestion that the crypto market, or at least Bitcoin, can expect to rise in the next little over 30 days is the price history of the main cryptocurrency.
BTC Price History by CryptoRank
Thus, the average value of BTC profitability for all Octobers in its history - and there are almost 13 of them - is 15.5%. Even more strictly measured, the median value is kept at 14.9%.
What could go wrong?
While Adam Back and a number of other prominent figures in the crypto space are gearing up for "Uptober," some are expressing skepticism that the market will give away money so easily next month to bulls.
The argument being made is that September is also traditionally considered a weak month for the price of BTC, but this time the statistic was rejected and Bitcoin rose by double-digit percentages.
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This could signal that October and September have switched places, maybe due to the frontrunner of this very "Uptober" narrative, and now at least the first half of the coming month will be stagnant.
One may agree or disagree, but such a catch would definitely be in the spirit of the crypto market.
