Originally published on: October 04, 2024
The anticipated bullish trend in the crypto markets for October, affectionately dubbed as ‘Uptober’ on social media, seems to be losing steam as market conditions take a hit.
A recent report from Santiment revealed a notable decline in mentions of ‘Uptober’ on social media platforms, indicating a shift in sentiment among traders. The initial enthusiasm for a profitable October in the crypto world has given way to skepticism, with references to “Selltober” and “Octobear” becoming more prominent.
Despite the dwindling optimism, founder of Santiment, Maksim Balashevich, believes that the current market conditions could present an opportunity for a short-term recovery.
Seasoned trader, “Ash Crypto,” shared a cautionary message with his massive following, suggesting that a further drop in BTC price could dispel hopes of a successful ‘Uptober’.
Analysts at 10x Research attribute the recent market downturn to overextended rallies and selling pressure from early adopters, despite strong inflows from stablecoins and increased futures leverage.
The total market capitalization of the crypto markets has dropped by approximately $200 billion since the beginning of October, with Bitcoin briefly dipping below $60,000 before recovering to $61,000. This market correction comes at a time when historical data suggests October is typically a bullish month for Bitcoin.
While recent trends may indicate a bearish start to October, past cycles have shown that mid-month rallies are not uncommon in the crypto world. Despite current market fluctuations, many investors remain hopeful for a turnaround in the coming weeks.
With Bitcoin experiencing a 4.7% decline from its recent high, the crypto community eagerly awaits the next chapter in the ‘Uptober’ saga.
