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SkyBridge Capital founder Anthony Scaramucci has sparked controversy after speaking about his predictions for October, known in the crypto community as “Uptober,” amid Bitcoin’s weak performance at the start of the month.
The term “Uptober” refers to a linguistic combination of the words “up” and “October,” and reflects the traditional optimism about Bitcoin’s performance during the month, as the cryptocurrency has recorded strong returns during October in recent years.
In fact, October has historically been a positive month for Bitcoin, with only two exceptions in 2014 and 2018, when the currency saw negative performance.
Bitcoin Price Drop and Geopolitical Tensions:
Despite the optimistic expectations for “Uptober,” the first day of the month saw a significant decline in the price of Bitcoin.
The currency fell below $62,000, affected by geopolitical tensions.
According to the data, more than $311 million worth of cryptocurrencies were liquidated in the past 24 hours, with the liquidation focusing on long positions.
Currently, Bitcoin is trading at $61,500, after a 3% decline.
Questioning the possibility of Bitcoin rising in the month of “Uptober”:
Glassnode founders Jan Hubble and Jan Allman have suggested that there is little credibility to the Uptober idea this year.
September saw positive performance for Bitcoin, despite it being traditionally the worst month for the currency.
This data suggests that October could be different this year, and perhaps the Uptober skeptics are right.
On the other hand, data from Wintertermute, a leading algorithmic trading firm, showed that futures options are leaning towards a bearish bias in the near term, increasing expectations that Bitcoin may face additional challenges during the current month of October.
