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In the world of cryptocurrency, October is often referred to as the “uptober” month, known for Bitcoin (BTC) price increases. However, according to renowned economist Timothy Peterson, Bitcoin’s upward momentum typically doesn’t begin until October 19. He also pointed out that this particular October has been the worst start for BTC in the past decade, attributing the sluggish performance to the upcoming U.S. elections.
Historical Patterns and Election Year Impact
While October is historically bullish for Bitcoin, Peterson noted that in election years, BTC tends to struggle more due to heightened market uncertainty. This year, the ongoing pressure on Bitcoin is believed to be tied to the political climate and regulatory uncertainty surrounding the elections.
Spot ETFs and Wallet Growth
In addition to the election factors, Peterson highlighted that the growth of Bitcoin spot ETFs has slowed the increase in wallets holding more than zero balance on the Bitcoin network. However, he reassured investors that this trend is beginning to reverse, and the network’s metrics could hit an all-time high before BTC reaches new price records.
Peterson is optimistic, suggesting that the next record-breaking surge for Bitcoin could occur within the next 90 days.
As of the time of writing, BTC is trading at $60,700, with a modest 0.21% increase in the last 24 hours.
