Investors convinced ‘Uptober bounce’ will happen for Bitcoin

Bitcoin climbed to $121,000 on Thursday and is currently trading at$120,400.

This is largely because investors are adamant that we’ll see another October (or Uptober) bounce, with the largest cryptocurrency likely improving its ATH.

Quarter

October is historically the best month for Bitcoin, as the cryptocurrency has increased in value in that month for 10 of the past 12 years. This is why many in the crypto market call it “Uptober.”

Moreover, the fourth quarter is also favorable for seasonality, with the token rising in the fourth quarter for four of the last five years.

Normally, a strong Uptober bounce follows a generally weak September. But this time, things were different, as September ended with a 4% gain for Bitcoin, further raising hopes for a strong Uptober among crypto investors.

On top of this, a new research report from JP Morgan predicts that Bitcoin could end the year with a value of $150,000, as they believe it will replicate gold’s record run in the final months of the year.

Whether this is right is difficult to predict, but it is certainly positive.