With the approaching of Halloween, an interesting belief has emerged among crypto traders when it comes to Bitcoin (BTC), and some traders have shared with investors that there may be some truth behind this belief using graph patterns and machine learning (ML) algorithms.
Will Bitcoin Price Rise?
Except for the years 2018 and 2022, the price of Bitcoin has traded at a higher price than the previous year on every Halloween since its emergence. According to the latest data on September 26, if machine learning algorithms and other indicators are reflecting the truth, this year may not be an exception.
The machine algorithm on the crypto market monitoring platform CoinCodex predicted that the price of the leading decentralized finance (DeFi) asset will increase by 9.56% until Halloween and will trade at $28,703 on October 31, 2023.
In addition, the phenomenon known as ‘Uptober’ has shown its power even in 2022, where the entire crypto sector was under a major selling frenzy due to factors that resulted in the collapse of FTX, once one of the world’s largest crypto exchanges.
In particular, on October 31, 2021, Bitcoin traded at $61,300 with a 344.39% increase from the Halloween 2020 price of $13,794, with a market value of $1.156 trillion that day. In addition, 28,488 participants from the CoinMarketCap community had set the BTC price prediction for Halloween 2022 at $21,248.
Bitcoin Price Analysis
As of the time of writing, Bitcoin is trading at a price of $26,198. This reflects a 0.39% increase in the last 24 hours, according to the latest data on September 26. In addition, it represents a 3.49% decrease in the past seven days and a 0.52% gain on the monthly chart.
Taking all this into account, despite the regulatory uncertainty that triggered the mass exodus of investors from Bitcoin, the first cryptocurrency asset in the United States, Bitcoin may indeed have a strong chance of reaching the predicted price increase and continuing the ‘Uptober’ tradition until Halloween.
