Cryptocurrency optimism has waned in October following a market correction, with Santiment seeing Uptober mentions drop significantly since the start of the month.
Bullish posts have been replaced by bearish ones with ironic Selltober and Octobear. However, analysts believe that the lack of optimism opens the door for at least a short-term rebound.
Since the beginning of October, the total crypto market capitalization has fallen by about $210 billion — a decline of about 8%, according to CoinGecko. Bitcoin has lost 4.7%, falling from $64,000 to $61,000.
Historically, October has been one of the best months for Bitcoin, with nine out of the last 11 years seeing positive price dynamics, with an average return of 20.74% since 2013.
However, the traditionally negative September turned out to be “green”, so there are concerns about a change in the growth trend in October.
In a comment to ForkLog, Allbridge founder Andrey Velikiy said that there is some uncertainty this year due to increased regulatory pressure on stablecoins and a difficult geopolitical situation. According to him, investors are acting cautiously, fearing further changes in the legislation of the European Union and the United States.
“In the near future, the important event will be the Fed’s decision on the interest rate, as well as the results of the US elections, which in the long term will have a significant impact on the market,” Velikiy emphasized.
Trader Artem Zvezdin noted that the two key factors that are preventing the market from moving forward are the uncertainty ahead of the US elections and the war in Israel.
If Donald Trump wins, market participants expect huge concessions in the cryptocurrency sector and further positive reactions, the speaker explained. On the other hand, if Kamala Harris wins, it is unlikely that any major changes will occur, and digital assets will most likely go sideways.
"The war in Israel causes geopolitical risks, and, as a result, market participants do not want to buy risky assets, which include cryptocurrency. When the conflict in the Middle East begins to stabilize, of course, this will be a huge plus for the crypto market," Zvezdin believes.
The trader allowed for the renewal of the historical maximum of Bitcoin by the end of the year, and by mid-2025 he predicted exponential growth to approximately $120,000.
Velikiy noted that the first cryptocurrency continues to dominate the market, but over the past three months it has not yet surpassed the $70,000 mark.
Among altcoins, he singled out BNB and TRX, which are attracting attention due to the interest in meme coins and platforms for their launch. The TON network is also setting new records for the total volume of blocked funds and user activity, the founder of Allbridge concluded.
Recall that CoinMarketCap predicted a premature end to the cryptocurrency bull market.
At the same time, Lekker Capital CEO Quinn Thompson called for buying Bitcoin on the decline, calling the current correction “untenable.”
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