As a seasoned analyst with over two decades of experience in the financial markets, I have learned to never underestimate the power of investor psychology and market trends. Having witnessed numerous bull and bear cycles, I can confidently say that “Uptober” is more than just a catchy phrase for Bitcoin enthusiasts – it carries significant weight in the crypto world. However, as we have seen today, even the most consistent patterns can be disrupted by geopolitical events and sudden market movements.
In simpler terms, Anthony Scaramucci, who established SkyBridge Capital, has used social media to announce the arrival of a supposedly bullish period called “Uptober.” Yet, on its opening day, Bitcoin has shown poor performance.
Bitcoin’s best month
“Uptober” is a linguistic blend of the words “up” and “October.”
People within the Bitcoin community often look forward to this month with anticipation, as it’s usually a time when Bitcoin delivers exceptional gains nearly every year.
To clarify, it was only during the months of 2014 and 2018 that we saw the top cryptocurrency experiencing a loss rather than gaining value.
A major price crash
However, the ball is definitely not in the bull’s court during the first day of this “Uptober.”
On Tuesday, the cryptocurrency with the largest market value dipped below $62,000, primarily due to geopolitical concerns. Over the last day, approximately $311 million worth of cryptocurrencies have been sold off, and most of this recent drop was from long-term investment positions.
The flagship cryptocurrency is currently changing hands at $61,628 after declining by nearly 3%.
Contrarian voices
glassnode’s co-founders, Jan Happel and Yann Allemann, have pointed out that the term “Uptober,” which refers to a supposedly bullish period in October for cryptocurrencies, may not be as accurate as often perceived.
They pointed to the fact that Bitcoin ended up being in the green this September despite the fact that it has been historically the worst month for the flagship cryptocurrency.
Although October is often considered one of the top performing months, there could be dissenting opinions that will prove successful with this year’s trade.
As reported by Wintermute, a prominent algorithmic trading company, these options indicate a potential downward trend in the short term.
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2024-10-01 21:46