Bitcoin’s bull market points to ‘Uptober’ – Here’s what history says

Bitcoin [BTC] has been oscillating around $83k-$85k since the price dipped into this area on Wednesday, the 23rd of September. The 4-day consolidation came after a strong push from $76k to $87k last week.

Such compression in volatility generally indicates another strong move was building up. Where will the next impulse move go? Here are some clues on whether swing traders and investors expect a deeper retracement or a bullish continuation.

Uptober aligns with Bitcoin’s regime shift

In a post on X, popular crypto analyst Ali Martinez pointed out that October has been a historically bullish month. Out of the previous 13 years, 10 of them have seen gains for Bitcoin.

Moreover, September, a historically bearish month, was about to end bullishly too. This could power a stronger October, or the “Uptober” seasonal effect as BTC transitions to a bullish regime.

Bitcoin flowing out of exchanges and nearly $3 billion in spot ETF inflows within ten days also signaled strong demand and bullish sentiment.

The Adjusted MVRV 30DMA/365DMA ratio crossed above its own 365-day moving average on the 20th of August. This crossover marked an early bull market transition, noted crypto analyst Axel Adler Jr.

The ratio climbed above the 1.0 baseline on the 20th of September, marking a regime shift from early bull market to bull market. This was the sixth early bull-to-bull regime transition since 2012.