As October approaches, investors are looking ahead to what the month will bring this time around for Bitcoin and the entire crypto industry. Historically, October (often referred to as “Uptober”) has been a month of significant upward momentum for Bitcoin since the crypto’s creation.

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With the previous year’s October seeing impressive gains and kickstarting a strong bull run, many investors are keenly analyzing market trends to predict where Bitcoin might be headed this time around.

Historical Context Of Uptober And What It Means For Bitcoin

Bitcoin might have a smaller history when compared to traditional asset classes, but it has had a strong history of notable patterns and repetitions. One of these is the concept of a bullish October among other months of the year.

Over the past several years, October has consistently delivered positive returns for BTC. This pattern has fostered a strong belief among investors that the coming October may hold favorable conditions for price growth, especially as market sentiment shifts towards optimism after the recent Fed interest rate cut.

According to data from CoinGlass, Bitcoin has had green monthly closes in October for the past five years. Furthermore, out of the eleven years since Bitcoin’s inception, it has recorded positive monthly closes in October on nine occasions. As expected, this consistent performance has solidified October’s reputation as a month of promise for the crypto.

For instance, Bitcoin surged by 28.52% in October 2023. This significant uptick not only marked a successful month but also paved the way for a sustained multi-month rally that ultimately saw Bitcoin reaching an all-time high of $73,780 in March 2024. Looking ahead to October 2024, if Bitcoin were to replicate a similar 28% increase, we could witness it surpassing its previous all-time high, potentially peaking above $81,000. 

Current Market Sentiment

Bitcoin is currently navigating a wave of bullish sentiment, although its price growth is hampered by resistance around $63,000. To reach this price point, Bitcoin increased by about 21% last week from a low of $52,827 on September 6. 

With a week remaining in September, Bitcoin’s stabilization around $63,000 indicates a possible support base for an upcoming rally. Bitcoin is also largely in a phase of accumulation, which may see smart large investors loading up throughout next week before the foreseen rally in October.

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With the clock ticking down to October, all eyes are on Bitcoin. At the time of writing, Bitcoin is trading at $63,010. This price point could soon become a thing of the past with the projections of a bull run in October. However, caution is advised, as the price performance in the last week of September could make or break a bullish sentiment leading into October.

Featured image from Pexels, chart from TradingView

The Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.

Per a report by Galaxy, 2024 has been a good year for the fundraising industry, as there has been a steady uptick in the funds raised. As of July 1, founders are reporting an active fundraising environment.

Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.

Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, United States-headquartered companies accounted for more than 40% of all deals in Q2.

The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.

As for the most recent crypto VC funding rounds, crypto.news compiled the latest announcements from Sept. 15 to Sept. 21 using data obtained from Crypto Fundraising. Let’s look at the companies that grabbed headlines with million dollar-plus rounds.

The Open Network, $30 million

• TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.
• Now known as The Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018.
• Bitget and Foresight Ventures contributed to the latest fundraising effort.

Bank of New York Mellon, the largest U.S. custodian bank, scored an exemption from a controversial SEC rule that may enable Bitcoin custody.

Institutional custody of Bitcoin (BTC) and cryptocurrencies in the U.S. took a step forward as BNY Mellon was reportedly granted permission to operate outside the Staff Accounting Bulletin No. 121, also known simply as SAB 121.

The Securities and Exchange Commission’s SAB 121 advised entities holding customer crypto to report such holdings as corporate liabilities. SAB 121 also required financial service providers to disclose the type of crypto safeguarded and its accompanying valuation.

Lawmakers in the U.S. House of Representatives initially scrapped the SEC’s policy, but the White House under current President Joe Biden vetoed the bill into law.

BNY Mellon securing an exemption from SAB 121 requirements could pave the way for major U.S. banks to custody customers’ Bitcoin and cryptocurrencies. Michael Saylor, founder of MicroStrategy, the world’s largest corporate BTC holder, said that one or more mainstream banks may soon receive the green light to custody crypto.