The veteran investor who accurately predicted Bitcoin’s rise back in 2013 is now warning the crypto community that while October holds promise, it’s a mistake to expect Bitcoin’s price to surge daily. Historically, October has been a strong month for the crypto market, but that doesn’t mean it’s a straight path up.
Davinci Jeremie, who gained fame in 2013 for urging everyone to buy at least $1 worth of Bitcoin, recently spoke out in a new video. He stressed the importance of understanding the term “Uptober,” a nickname traders give to October due to the month’s tendency for gains. However, Jeremie warns that even in a bullish month like October, Bitcoin won’t climb every single day.
This caution comes as Bitcoin’s price dipped 0.77% in the past 24 hours, bringing it to around $61.5K. In Brazilian Real, it remains above R$330K, despite a 1.1% drop since Tuesday. The current market dip, driven in part by the ongoing conflict between Iran and Israel, has dampened early-month optimism.
Jeremie, now with over 615,000 YouTube followers and nearly 2,000 videos, urged investors not to panic. His legendary call in 2013 made millionaires out of those who listened, but today he’s asking for patience. “Everyone thinks ‘Uptober’ means Bitcoin will shoot up every day—guys, that’s not how markets work,” he said.
As October 2024 kicks off, market sentiment has shifted from optimism to fear, with the Fear & Greed Index falling below 40. Despite this, the volatility of the crypto space means that opportunities could still arise, but caution is key as the month unfolds.
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