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Bitcoin Seeing Red October But Uptober Bullposting Is Back

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Bitcoin is down 2% thus far this month, which doesn’t sound like a lot at first look. However, it has solely seen losses in two of the previous Octobers since 2013. The first was in 2014 when it shed 13% and the second got here in 2018 when it misplaced 3.8%. Both had been bear market years. August has traditionally been the worst month for Bitcoin, whereas October and February have been the perfect.

This is the third time within the final six years that BTC has been negative midway by means of October, noticed business analyst Joe Consorti. All six instances, it ended up inexperienced by October thirty first, he mentioned earlier than including, “There’s some hopium for you.”

Red October Deepens

BTC tanked to an intraday low of $110,500 on Wednesday earlier than recovering to commerce across the $111,000 on Thursday morning. The asset has now fallen 12% from its all-time high and is down 9% over the previous seven days as October losses mount this week.

Chart knowledgeable “Bach” said that there have been nonetheless no cautionary alerts on the “Boombust framework,” which implies “we haven’t reached that parabolic stage.” The final bullish sign got here in April 2025 when markets began recovering from the large hunch. “Still see $150,000 by year-end as an affordable goal,” he mentioned.

Meanwhile, crypto litigator Joe Carlasare predicted that the cycle would lengthen into subsequent yr.

“This narrative about 4 4-year cycle/This fall/Uptober brought about extreme lengthy positioning, and the market nearly by no means lets everybody win. Need to burn by means of that extra, frustrate the bulls, after which transfer greater all through 2026.”

Analyst ‘Tracer’ additionally identified that earlier bull markets have seen huge dumps earlier than issues took off, suggesting that extra ache was to return.

Why The Pessimism?

Crypto dealer ‘Mr. Anderson’ questioned why sentiment had turned bearish lately.

“You’ve received a three-year staircase up. You’ve received value up ~115% since final September, including over $1 trillion in market cap. And the timeline nonetheless seems like a funeral.”

Bitcoin has closed above $100,000 for over 160 straight days, he mentioned earlier than including that it “positive appears to be like like structural acceptance.” “Time will inform, but when greater ranges are coming, this vary is the launchpad,” he concluded.

The submit Bitcoin Seeing Red October But Uptober Bullposting Is Back appeared first on CryptoPotato.

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