Bitcoin is making headlines again as its price surged toward $65,000, showing signs of a potential rally historically known as "Uptober." According to analysis from QCP Capital, Bitcoin’s price jump of 4% on October 14 could be the beginning of a broader surge for the rest of the month. Historically, Bitcoin has experienced strong gains during October, and this year seems to be no exception.
In a post on their Telegram channel, QCP Capital noted that Bitcoin’s recent rise also coincides with a broader uptick across the entire cryptocurrency market, which saw nearly $80 million in leveraged short positions for Bitcoin and Ethereum liquidated. This has eased some of the bearish sentiment that had been hanging over the market.
A Historical Pattern Before U.S. Elections
QCP analysts pointed out that Bitcoin has followed similar patterns before previous U.S. presidential elections. For example, in October 2016, Bitcoin began a significant price rise, doubling its value by January 2017. Similarly, in 2020, less than a month before the U.S. election, Bitcoin surged from around $11,000 to over $42,000 by the first quarter of 2021—nearly tripling in value.
This election-year pattern suggests that Bitcoin could potentially see another major rally in the coming months. If the past repeats itself, Bitcoin could surge to $120,000 by early 2025, pushing its market cap well beyond $2 trillion.
Mt. Gox Repayment Plan Supports Bullish Outlook
Another factor supporting Bitcoin’s bullish outlook is the updated repayment plan from Mt. Gox. The defunct Bitcoin exchange recently extended its creditor repayment deadline to October 2025. This delay has helped ease the pressure of potential large-scale selloffs, which could have dampened Bitcoin’s price momentum.
The Future of 'Uptober'
Although the start of October was relatively quiet for Bitcoin, with a modest increase of just 1.2%—compared to its average October gains of 21%—the recent rally has reignited optimism. Traders are now hopeful that the latter half of October could bring more significant price action, continuing Bitcoin’s historical trend of strong performance during this month.
