WHAT IS HAPPENING
The beginning of October marked a relatively negative view for the crypto market. Most of top cryptocurrencies faced substantial losses in the first week of the month. For instance, Bitcoin price lost almost $5000, dropping below $61,000 on Oct. 3.🥰🥰
A short-lived rebound ended up in a bloodbath this past week. ✅✅On Thursday, the market lost at least $180 million, while the price of Bitcoin briefly found itself as low as $58,946.
However, buyers showed their hand, and over the next 12 hours, this imbalance, as they see it, was restored, with Bitcoin now trading as high as $62,709.
BTC IN TROUBLE
Historically, October has been a strong month for Bitcoin, and data from the past five years shows consistent bullish performance.📈📈
While Bitcoin typically sees losses in September, this year it posted an 11% gain. This marks a significant departure from its usual September trends, where the average loss has been around 5.9%.
Currently, Bitcoin is experiencing an extended sideways phase, which is unusual in halving years. According to Ki Young Ju, CEO of CryptoQuant, Bitcoin may have only two weeks left to start a rapid surge, based on historical patterns observed after previous halvings.😘😘
285 days have passed in 2024. If there is no #Bitcoin bull market within the next 14 days, this will mark the longest sideways in a halving year in history.
Veteran trader Peter Brandt has raised some concerns, suggesting that Bitcoin could face a major crash, up to 75%.
Brandt’s analysis is based on the fact that Bitcoin has not reached a new peak within 30 weeks of its last all-time high of $73,737.94, recorded on March 14. Historically, failing to do so has often preceded dramatic declines in the cryptocurrency's price.📶📶
WILL UPTOBER FINALLY ARRIVE?
The market makers are usually aware of the upcoming rally, trying to find the perfect spot to buy the dip. 💎💎This is the main reason for assets to drop in value right before the bull run begins.
🎗🎗Bitcoin price history can give us a hint of when the current Uptober could actually begin.
For instance, in 2020, BTC price remained relatively weak until Oct. 16. The anticipation paid off, as Bitcoin gained around 30% within the next two months.
The market crash of 2022 sent the price back to $20,000-$25,000 levels. However, the beginning of 2023 marked a recovery for the crypto market in general.✅✅
Again, that year’s Uptober started around Oct. 15-16. The BTC price propelled from $27,000 to 38,300 by the end of November.
Overall, the historical evidence suggests that this next week can be a pivotal moment for Bitcoin and crypto market in general. 🥈🥈However, it’s important to remember that sometimes Uptober can start a week later, while price history doesn’t always repeat itself.
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