Red Uptober: Why Bitcoin Just Had Its Worst October in Years
Bitcoin has typically performed well during October—dubbed "Uptober" by observers.
But this year, the leading cryptocurrency finished the month in the red.
Experts told Decrypt that a number of factors influenced the drawback.
Despite a roaring start and fresh all-time high early on in October, the expected "Uptober" turned into a real downer for Bitcoin, with the leading cryptocurrency sinking to levels untouched for four months.
Tough break for Bitcoin this October. Historically, "Uptober" brings gains, but this slump reminds me of how unpredictable market cycles can be. Macro factors and sentiment likely played a big role in flipping the script
The past does not equal the future. What happened last year (or 5 years ago) is not guaranteed for now.
Markets operate on their own mindset, regardless of what the people online (or television) say. It is still driven by fear and greed.
absolutely, fear and greed rule the markets every time
past patterns give clues but never guarantees - reminds me of how sentiment shifted hard in 2018 after that euphoric run
curious if macro tailwinds kick in for a november rebound
More like Red Octobear 😅
Redtober!!! 😆
Something has changed a bit fundamentally somewhere in market structure I presume