Bitcoin (BTC) Trader Says 'Uptober' Focus Is Wrong, Looks at Stats from October to May

While October has historically been one of the strongest months for Bitcoin (BTC), a trader argues that placing too much importance on the entire month is wrong.

Bitcoin ( BTC ) had a lackluster start to October, which is typically one of the strongest months for the flagship digital asset. However , one crypto trader argues that traders should take a step back and look at a broader time frame.

“I do believe focusing too much on one month versus periods or larger blocks of time is a mistake,” Oliver Velez wrote in an Oct. 2 X post.

Velez highlighted that while October is often dubbed “Uptober” for its strong historical returns, it is “typically the second half or later part of October that has huge bullish tendencies, not so much the first half.”

Echoing a similar sentiment, Cane Island Alternative Advisors founder Timothy Peterson stated in an Oct. 2 X post that:

“It’s funny how everyone gets excited for ‘Uptober’ when in fact, October is usually pretty bearish (avg return -0.6%) and it’s typically later in the year (Q4) that we see strength in the market.”

Peterson added that this October has seen the “worst start for Bitcoin in at least ten years.” However, Velez’s observation suggests that the slow start could be setting the stage for a more bullish second half of 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 claimed.

Bitcoin and Ether ( ETH ) have both seen price declines since Oct. 1, with BTC down 5.6% and ETH down 11.4% over the past seven days.

After a strong third quarter, which saw BTC rally from around $40,000 at the beginning of July to highs above $63,000 in late September, both major cryptocurrencies have seen a slight pullback from recent highs.

However, both assets are still up significantly year-to-date, with BTC and ETH up over 200% and 600%, respectively.