All articles tagged with #uptober
Bitcoin's October performance has disappointed, breaking its 6-year trend of roughly 20% gains, with an 8% decline driven by reduced US investor demand, ETF outflows, and slowing treasury acquisitions, leading market participants to await new catalysts for future gains.
October initially saw a strong rally in crypto prices driven by ETF inflows and institutional demand, but a $19 billion liquidation event and thin order books caused a sharp decline, raising questions about the sustainability of the rally. Analysts remain cautiously optimistic, noting that if market depth and institutional interest recover, the rally could still continue.
Artificial intelligence algorithms predict that the price of Bitcoin will reach $41,160 by Halloween 2023, representing a 20.04% increase from the current price. While historical trends on previous Halloweens show mixed results, the phenomenon known as 'Uptober' has demonstrated strength in the cryptocurrency market, with Bitcoin experiencing significant gains during this period. The price of Bitcoin currently stands at $34,289, showing a strong upward trend, but its future trajectory will depend on market factors and positive developments such as the approval of a spot Bitcoin exchange-traded fund.
Bitcoin (BTC) starts the month of October with a strong bullish move, surpassing $28,000 and marking its best weekly close since mid-August. Market participants are optimistic about the potential gains in October, historically a positive month for BTC price. However, Bitcoin fundamentals, such as mining difficulty, are not reflecting the spike in spot price. Traders are cautious of a potential price reversal and are closely watching resistance levels. Meanwhile, macro triggers, such as US macro data and Federal Reserve speakers, are expected to impact market volatility.