Published on oktober 4, 2024, 12:40 am
Image source: Fox News
```json [ "TLDR: Crypto trader advises caution amid Bitcoin 'Uptober' hype, emphasizing importance of broader perspective beyond October's historical performance. Recent price declines for Bitcoin and Ether in October; differing views on market outlook but reminder of investment risks always present." ] ```
A crypto trader has advised market participants to not get swept up in the Bitcoin “Uptober” hype, urging them to consider the bigger picture. Despite October historically being one of Bitcoin’s strongest months with an average return of 20.65%, the trader warns against fixating solely on this single month. According to Oliver Velez, it is typically the latter part of October that shows significant bullish tendencies rather than the first half.
Adding to this sentiment, Timothy Peterson from Cane Island Alternative Advisors highlighted that traders should broaden their perspective by examining data from October through May. Both Bitcoin and Ether have experienced price declines since the beginning of October, with decreases of 5.6% and 11.4%, respectively, as of now.
Although Peterson noted that this October has seen the poorest start for Bitcoin in at least a decade, Velez remains optimistic, suggesting that the sluggish start could pave the way for a stronger market rally later in the month. Velez compared this phase of weakness leading into October to a preparatory period before a significant market uptrend unfolds over the following months.
On another note, pseudonymous crypto trader Titan of Crypto acknowledged that September surpassed expectations despite its historical negativity towards crypto returns. However, traders are now preparing for potential difficulties in October due to its sluggish beginning.
It’s essential to remember that investing and trading always carry risks; therefore, readers are encouraged to conduct thorough research before making any decisions regarding cryptocurrency investments.
Original article posted by Fox News
