Focusing too much on Bitcoin Uptober is a ‘mistake’, says crypto trader

While October has historically been one of the strongest months for Bitcoin (BTC), one trader argues that paying too much attention to the entire month is a mistake.

“I believe it's a mistake to focus too much on a single month versus seasons or big moments,” Oliver Velez wrote in an October 2 X post.

Velez emphasized that while October is often called “Uptober” for its historically strong returns, “it's usually the second half of October or later that has the highest bullish tendencies, not the first half.”

Echoing a similar sentiment, Timothy Peterson, founder of Cane Island Alternative Advisors, wrote in an Oct. 2 X post;

“Most ‘Uptober' starts after the 19th. Be patient.

Vélez suggested that traders take a “broader view by looking at the statistics from October to May.”

It comes after both Bitcoin and Ether (ETH) have seen price declines since October 1, 5.6% and 11.4% respectively.

Peterson noted that this October was “the worst start for Bitcoin in at least a decade.”

However, Vélez believes October's delayed start could set the stage for stronger market pressure later in the month.

“This September to the first part of October has set the stage for the consequences of the shortcomings. “Imagine that the market is going to falter at this point before it takes off to stay there for the next few months,” Velez said.

“Whatever the academics working from their chalkboards and fancy diagrams say, October marks the start of the most serious part of the cycle in history.”

Related: BTC Price Threatens $60K As Bitcoin Traders Pressure ‘Bully' Market

Meanwhile, an anonymous crypto trader revealed that the crypto asset performed better than expected in September, which has often seen negative returns for crypto. Still, with a slow start to October, traders are bracing for worse this month.

“September started in the red, and everyone was calling $40,000. However, closed by a green monthly candle, the 38.2% Fibonacci retracement is strong,” he commented in an October 2 X post.

“It's now October, and it's dark and doom again,” he added.

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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.