October’s bullish sentiment around cryptocurrencies, dubbed “Uptober” on social media, waned as the market continued to decline .
In a post on X on October 4, on-chain analytics provider Santiment noted that the number of mentions of “Uptober” has dropped significantly since the beginning of the month.
Source: Santiment
They added that traders were becoming pessimistic about the idea that this month would be a “crypto money printing machine.” Instead, social media was flooded with meme and mentions of “Selltober” and “Octobear.”
However, Santiment founder Maksim Balashevich said the recent lack of optimism opens the door to a short-term recovery.
“The excitement around Uptober is fading as the market weakens, which opens the door for a possible recovery. Whether the larger downtrend is over remains to be XEM.”
In a similar vein, veteran trader “Ash Crypto” said on October 3:
“BTC may drop a little more to stop people believing in Uptober. When bears start to get excited and call for $40,000 to $45,000, BTC will pump hard.”
Source: Ash Crypto
Conversely, in a note to investors on October 4, analysts at 10x Research said many bulls have been caught off guard since March and expect the bull run to continue.
Technical indicators show that the rally has lasted too long.
“Currently, it appears that sell-offs from early adopters (OGs) and large Token Lockup unlocks have driven prices down despite strong inflows from stablecoins, spot Bitcoin ETFs, and increased Futures Contract .”
Source: 10x Research
The cryptocurrency market has lost about $200 billion (8%) since the beginning of October. According to CoinGecko, the total Capital continued to decline as of October 3, down 1% to a mid-September level of $2.13 trillion.
Bitcoin briefly slipped below $60,000 on October 3 before recovering slightly to reclaim $61,000 at the time of writing.
But October has historically been a bullish month for Bitcoin. It has been positive for 9 of the last 11 years, which is why it is called “Uptober.”
The past five consecutive Octobers have seen gains ranging from 5.5% to 40% for the month, including bear market years.
However, the market usually picks up around mid-October considering previous cycles.
BTC lost about 7% in the first half of October 2023, reaching $28,500 on October 2 before falling to $26,650 on October 13. The asset then jumped nearly 30% to end the month at $34,500.
Bitcoin has lost about 4.7% so far this month from its October high of $64,000 on the first day of the month to its current price.
You can XEM the Bitcoin price here.
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Dinh Dinh
According to Cointelegraph
