As we enter the final week of September, the crypto market has again succumbed to bearish pressure, with top assets including Bitcoin and Ethereum trading in the red. However, with October around the corner, many believe a bullish turnaround is near due to the uptober trend; meanwhile, the recent dip has led to differing views among crypto analysts and traders as to whether there will be a crypto rally by October. Let’s see whyÂ
Uptober Or Rektober
Historically, October has generally been hailed as a positive month for the crypto market, as it is always accompanied by a bullish movement for Bitcoin, thus earning it the moniker Uptober. In fact, according to data from Coinglass, since 2013, Bitcoin has rallied 10 times in the months of October, only recording a loss in October 2018. Further, during bull seasons, Bitcoin records massive gains in October, and an example is the 2017 bull market, where Bitcoin surged by 48% in October.
Therefore, crypto enthusiasts are optimistic that Bitcoin could surge to a high of $165,000 from current levels if history repeats again. However, crypto pundits are torn about what next month holds for the crypto market. Some, like Bitcoiner Kyle Chasse, are convinced that the expected Fed rate cut, which now has a 92% chance of happening in October, could reignite momentum, sparking a rally.
Further, Bitmex CEO Arthur Hayes shared the same bullish sentiment but believes the crypto market can only hit an “up only mode” once the US Treasury fills up the Treasury General Account. On the other hand, analysts like Sykodelic lean towards a more pessimistic sentiment, predicting the market will first see a dip before surging in October. Like Sykodelic, Jeff Mei, the Chief Operating Officer of BTSE exchange, is also pessimistic about the possibility of a rally in October, citing macro uncertainty as a major factor for their stance.
SOURCE: CoinGlass
Current Market Conditions
According to data from Coingecko, Bitcoin, which fell to a 12-day low on Monday morning, has seen further dips and is now trading below the $113,000 region. Also, Ethereum continues its struggle to break past the $4,200 mark after seeing a high of close to $4,500 before the dip. Meanwhile, the conflicting stance of crypto analysts and enthusiasts regarding the possibility of a rally in October has brought FOMO for some and FUD for others. However, we await how the market will react in October, if history will repeat with Uptober, or we will be ushered into a bearish Rektober.
