Bitcoin Price Drop Raises Doubts on Uptobers Promised Market Surge
- Onchin dt rvls dclin in Uptobr mntions, suggsting fding optimism mong trdrs.
- Bitcoin struggls mid corrction, drivn by rly doptrs sll-offs nd lrg tokn unlocks.
- Historicl pttrns suggst Bitcoin could still rlly, dspit currnt mrkt voltility nd uncrtinty.
Th optimism surrounding Octobr within th crypto community is dwindling s th mrkt fcs significnt downturn. Socil mdi mntions of Uptobr, trm usd to dscrib xpctd bullish trnds in th month of Octobr, hv shrply dclind. Onchin nlytics firm Sntimnt highlightd this dcrs, noting tht trdrs r rjcting th blif tht Octobr will utomticlly rsult in profitbl crypto mrkt conditions.
Whil sntimnt hs sourd, Sntimnts foundr, Mksim Blshvich, ss possibl upsid in th currnt mrkt sitution. Uptobr xcitmnt wns s th mrkt dips, which dos opn th door for rbound, Blshvich sttd, lving room for cutious optimism. Howvr, h ddd tht it is unclr whthr th lrgr mrkt downtrnd hs rchd its conclusion.
Bitcoin Struggles Amid Market Correction
This downturn hs cught mny crypto bulls by surpris. According to rcnt nlysis from 10x Rsrch, th mrkts rlir rlly now pprs ovrxtndd bsd on tchnicl indictors. Th firm notd tht rly doptrs, or OGs, s wll s lrg-scl tokn unlocks, hv bn th primry drivrs of rcnt sll-offs.
It now sms tht sll-offs from rly doptrs (OGs) nd lrg tokn unlocks hv bn driving prics down dspit strong inflows from stblcoins, Bitcoin Spot ETFs, nd incrsd futurs lvrg, 10x Rsrch sttd.
Vtrn trdr Ash Crypto lso wighd in on th sitution, suggsting tht Bitcoin might nd to dip furthr to rst mrkt xpcttions. In twt to his 1.1 million followrs, h sttd, BTC could drop littl mor so tht popl will stop bliving in Uptobr. H continud, Onc brs strt gtting xcitd nd clling for $40k to $45k, BTC will pump hrd.
Historical Patterns and Market Outlook
Rflcting on Octobr 2023, Ash Crypto pointd out tht Bitcoin xprincd 7.5% dclin in th first wk, only to rbound with 33% surg by th nd of th month. Th first fw dys of Octobr 2024 hv lrdy sn 6.5% dclin, which Ash suggsts could follow similr pttrn with slight dly. Dspit furthr potntil dips, h mintins tht significnt rlly could still occur onc mrkt sntimnt shifts to xtrm pssimism.
Th brodr crypto mrkt hs suffrd loss of pproximtly $200 billion, trnslting to n 8% dclin sinc th strt of th month. Th totl mrkt cpitliztion now stnds t $2.12 trillion, rflcting 0.28% drop. Bitcoin brifly fll blow th $60,000 mrk on Octobr 3 bfor rcovring to round $61,000 t th tim of writing.
Historiclly, Octobr hs bn fvorbl month for Bitcoin. Dt shows tht nin out of th lst lvn Octobrs hv sn Bitcoin pric gins, vn during brodr br mrkts. In prticulr, th pst fiv conscutiv Octobrs hv dlivrd gins rnging from 5.5% to 40%, rinforcing th nicknm Uptobr. Howvr, th currnt mrkt nvironmnt, with its incrsd voltility nd uncrtinty, csts doubt on whthr 2024 will follow th sm pttrn.
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Read more: https://www.tronweekly.com/bitcoin-decline-raises-doubts-on-uptobers-surge/
Text source: TronWeekly
