Uptober or Selltober – what to expect from the crypto market in October?

Optimism towards cryptocurrencies faded in October after a market correction. According to the comments of Santiment, there is a reference Cream has decreased significantly since the beginning of the month.

🎃 References to “Uptober” have decreased significantly, painting a picture that traders have become much more positive on the idea of ​​this month being an automatic money printer for crypto. Lack of hope opens the door for (at least) a short-term bounce. 📈 https://t.co/iACWMGPvSs

— Santiment (@santimentfeed) October 3, 2024

Bullish revelations were replaced with irony Selltober and October. However, analysts say the lack of optimism opens the door to at least a short-term rebound.

Since the beginning of October, the total capitalization of the crypto market has fallen by about $ 210 billion – the drawdown was about 8%, according to CoinGecko. Bitcoin lost 4.7%, falling from $64,000 to $61,000.

15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.

Historically, October is one of the best months for Bitcoin. In nine of the last 11 years, there was a positive price movement – since 2013, the average return was 20.74%.

Data: Congress.

However, September is traditionally negative it turned out to be “green”and so there are concerns about a reversal of the upward movement in October.

In a statement to ForkLog, Allbridge founder Andrey Velikiy said that there is some uncertainty this year due to increased regulatory pressure on the stable and the difficult geopolitical situation. According to him, investors are acting cautiously, fearing further changes in the legislation of the European Union and the United States.

“Soon, the decision will be an important event A deer on the interest rate, as well as the results of the American elections, which will have a significant long-term impact on the market,” said Velikiy.

The trader Artem Zvezdin noted that two main factors that prevent the movement of the market are the uncertainty before the US elections and the war in Israel.

If Donald Trump wins, market participants will expect a big break in the cryptocurrency space and more positive ideas, the spokesperson explained. On the other hand, if Kamala Harris wins, there are unlikely to be major changes, and digital assets are likely to be sidelined.

“The war in Israel causes geopolitical risks, and, as a result, market participants do not want to buy risky assets, which include digital currency. When the conflict in the Middle East begins to stabilize, of course, this will be a great benefit to the crypto market,” says Zvezdin.

The trader allowed Bitcoin to renew its all-time high by the end of the year, and by the middle of 2025 it assumed an exponential growth to about $120,000.

The Big Man noticed that the first digital currency is still dominating the market, but over the past three months it has not crossed the $70,000 mark.

Among altcoins, he pointed out BNB and TRX, which are attracting attention due to interest in meme coins and platforms to launch them. The TON network also sets new records for the total number of closed funds and user activity, summarizes the founder of Allbridge.

As a reminder, in CoinMarketCap predict a premature end to the cryptocurrency bull market.

Meanwhile, Lekker Capital CEO Quinn Thompson called buy back Bitcoin when it falls, calling the current correction “unthinkable.”

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