As many assets in the cryptocurrency market begin to stabilize, some even moving upward, an epic pump season might be ahead, at least according to one crypto trading expert who has listed multiple reasons why this is a strong possibility and offered a timeline.
Specifically, pseudonymous professional crypto trader Ash Crypto observed that an “EPIC pump season will start” in October – referring to it as “Pumptober” – and that the bullish rally will continue for the next eight months, according to the expert’s X post on September 24.
Indeed, Ash Crypto has noted that in addition to October traditionally being bullish for the crypto market, Binance founder Changpeng Zhao is about to become a free man after serving a four-month prison sentence for violating the Bank Secrecy Act, and stocks are making new all-time highs (ATH).
Bitcoin in ‘Uptober’
All these factors working together should provide enough momentum for the trader’s predictions to come true, particularly as October has historically been one of the best-performing months for the crypto sector’s largest asset by market capitalization – Bitcoin (BTC) – over the last decade.
In fact, Bitcoin has been regularly experiencing an “80% win rate, average return of +18.91%” in October, making it the second best-performing month after February, according to the data shared by market analytics and trading platform TrendSpider in an X post on September 24.
Bitcoin’s seasonality per month in the past 11 years. Source: TrendSpider
Meanwhile, this September might not be so bad either, with pseudonymous crypto analyst Jelle recently highlighting that Bitcoin has been moving very similarly to September 2023 and that this might be the strongest September in the history of the maiden crypto asset, as Finbold reported on September 23.
Bitcoin monthly returns since 2013. Source: Jelle
Bitcoin price analysis
Meanwhile, the crypto market’s original asset was at press time changing hands at the price of $63,900, reflecting a 0.15% increase in the last 24 hours, gaining 6.07% across the previous seven days, and reducing to the mere 0.03% the losses from over the past month, according to the most recent data retrieved on September 25.
Bitcoin price 7-day chart. Source: Finbold
Ultimately, historical data and developments perceived as positive for the crypto industry should contribute to the upcoming pump for most of its assets. That said, things in this market can shift tremendously, so doing one’s own research and keeping up with any relevant Bitcoin news, prediction, and the like is critical.
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