Bitcoin Heads into October with Historic Bullish Odds

Bitcoin has had a significant improvement in its overall state over the past three months. Despite still being in the red on a year-to-date basis, September closed well in the green. The focus is now on October, which has been BTC's greenest month since data tracking began.

The cryptocurrency bottomed at under $58,000 on July 1 and rebounded in August to close with a 25% surge, its most since October 2023. It then entered September at around $77,000 before skyrocketing to $82,000. However, the bears reemerged, causing BTC to slip by several grand and slump to $75,000.

Despite this setback, Bitcoin bounced off immediately and reclaimed the $80,000 line by the end of that week. It hasn't traded below that level since. Moreover, it flew to $87,000 on September 22 and 23 but was stopped from further growth.

Ever since CoinGlass started tracking BTC's performance in 2013, October has been the asset's greenest month, with 10 out of the past 13 editions bringing gains. Many analysts believe that Bitcoin has reclaimed key resistance levels, indicating a bull market is on. Research Analyst Lacie Zhang noted that 'seasonality alone is not an investment thesis,' but added that Bitcoin's median October return has historically been around 11%, 14%.