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October brought new expectations in the cryptocurrency markets. While historical data show that Bitcoin has recorded negative returns only in October for 2 years since 2013, it has become a matter of curiosity whether this periodic trend, called "Uptober" in the ecosystem, will also occur this month.
As we enter the last quarter of 2023, expectations regarding the future of the cryptocurrency ecosystem have also been reshaped. Based on historical trends in the cryptocurrency markets, the month of October, called "Uptober" with the addition of “up", meaning "upward" in English, brought new hopes for investors. According to CoinGlass data, Bitcoin recorded negative returns in October, the only time since 2013. Gate.io Operations and Business Development Director Kutluhan Akçın, who lists more than 1,700 cryptocurrencies with a 24-hour transaction volume of nearly 4 billion dollars, evaluated the October expectations for Bitcoin.
The “Uptober” trend in Bitcoin was reflected in the markets in the first week of October. Bitcoin, which rose above $28,400 in the first week of the month and achieved a weekly gain of 10%, started the second week with declines. The price of Bitcoin dropped below $28,000. Sharing his evaluations on the subject, Kutluhan Akçın said, “The main agenda of Bitcoin and cryptocurrency markets, in general, is determined on a macro basis by the road map of the US central bank, the moves of the US Securities and Exchange Commission, and three ongoing cases in the USA. Negative developments in the Middle East have been added to these developments. "It is also expected that Bitcoin will maintain the historical trend and show a positive recovery throughout October," he said.
Although Bitcoin's price movements in the last 48 hours have not been positive, according to CoinMarketCap data, the dominance of Bitcoin, the world's largest cryptocurrency in terms of volume, in the market has increased to 50%, its highest level since June. Noting that this situation means that altcoins have not performed well recently, Kutluhan Akçın said, “While evaluating the expectations for the price of Bitcoin, we also need to consider the halving event that is expected to occur in 2024. Data excluding Bitcoin's early volatile years show a higher average price increase of around 21% in the pre-halving years. "Considering that 2023 is the year before the halving, it is estimated that Bitcoin may rise above 30 thousand dollars towards the end of October.”
Stating that the market closely follows the movements in Bitcoin in general, Gate.io Turkey Operations and Business Development Director Kutluhan Akçın concluded his evaluations with the following statements, “Historical trends in the last quarter of the year, macro developments, more micro news affecting the cryptocurrency markets and many variables, can change the course in cryptocurrency markets, as in all markets. As Gate.io Turkey, which offers its more than 13 million users the opportunity to make safe and fast transactions in more than 1,700 cryptocurrencies and diversifies the cryptocurrencies it lists and the investment instruments it offers day by day, we also make it possible for investors to catch up with market trends. We will continue to monitor the cryptocurrency markets closely and inform our investors about the developments in the coming period.
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