Historically, October has been known as a strong month for Bitcoin (BTC), but a prominent trader, Oliver Velez, cautioned against assigning too much significance to this time frame. He stated this in a recent post, suggesting that a narrow focus on one month could lead to oversight of broader trends.

Velez noted, “I do believe focusing too much on one month versus periods or larger blocks of time is a mistake,” in a post dated October 2.

He highlighted that, despite October’s reputation for strong annual returns, the most significant upward trends typically occur in the latter half of the month rather than the beginning. This assertion aligns with opinions expressed by Timothy Peterson, founder of Cane Island Alternative Advisors, who mentioned that most of the “Uptober” movement tends to start after mid-month, encouraging patience among traders.

“Most of ‘Uptober’ doesn’t start until after the 19th. Be patient.”

Velez further advised market participants to adopt a broader context for evaluating trends, suggesting they consider data spanning from October through May.

It’s worth noting that both Bitcoin and Ether (ETH) have experienced price declines since the beginning of October, with drops of 5.6% and 11.4% respectively.

Peterson also noted that this October marks the “worst start for Bitcoin in at least ten years.” Nevertheless, Velez remains optimistic, proposing that the slow beginning may create a foundation for a stronger rally later in the month.

“This September into the first part of October weakness is what sets up the bullish aftermath. Think as if the market is squatting during this time before it leaps into the air to remain there for the next few months,” Velez stated.

Velez emphasized that, regardless of differing academic opinions, history shows that October typically ushers in a notably bullish cycle for Bitcoin.

In another perspective, a pseudonymous crypto trader known as Titan of Crypto remarked that September unexpectedly performed better than anticipated—traditionally a down month for cryptocurrencies. However, they observed that as October begins with a lackluster start, traders seem poised for potential challenges ahead.

“September started in red, and everyone was calling for the $40k. Yet, it closed with a green monthly candle, with the 38.2% Fibonacci level holding strong,” they noted in a recent post. “Now, October just started, and it’s all gloom & doom again,” they added.

This information is provided solely for informational purposes and should not be interpreted as investment advice. All investments carry risks, and individuals should conduct thorough research before making financial decisions.