With the quickly approaching Halloween, an interesting belief has arisen among cryptocurrency traders during this time of the year when it comes to Bitcoin (BTC), and chart patterns and machine learning (ML) algorithms indicate that there could be some truth behind this view.
As it happens, the price of Bitcoin on each Halloween, with the exception of 2018 and 2022, was higher than the year before, and if the ML algorithms, patterns, and other indicators are correct, this year should be no different, according to the latest data on September 26.
Specifically, the self-learning machine algorithm on the cryptocurrency market tracking platform CoinCodex has suggested that the flagship decentralized finance (DeFi) asset would grow its price by 9.56% by Halloween and trade at $28,703 on October 31, 2023.
Indeed, the phenomenon known as ‘Uptober’ has demonstrated its strength even during 2022, when the entire cryptocurrency sector was under massive selling pressure due to a combination of factors that ultimately culminated with the crash of what was once one of the largest crypto exchanges in the world, FTX.
In fact, by the end of the month or by Halloween 2022, Bitcoin was changing hands above the $21,000 price level, a significant increase from the $19,300 area it recorded 30 days earlier – on October 1, as Finbold reported on October 29, 2022 – despite being 66.56% lower than on October 31, 2021.
Notably, on October 31, 2021, Bitcoin traded at $61,300 with a market valuation of $1.156 trillion, up 344.39% from its Halloween 2020 price of $13,794. Meanwhile, 28,488 respondents from the CoinMarketCap community bet the BTC price prediction for Halloween 2022 at $21,248.
Bitcoin price analysis
As things stand, Bitcoin is currently trading at the price of $26,198, which represents an increase of 0.39% in the last 24 hours, a decline of 3.49% across the previous seven days, and a 0.52% gain on its monthly chart, according to the most recent data on September 26.
All things considered, Bitcoin does, indeed, demonstrate a strong possibility of reaching the predicted increase in price and continuing the tradition of ‘Uptober’ by this Halloween, as well, despite regulatory uncertainty in the United States that has triggered a mass exodus of investors from the maiden crypto asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
