Bitcoin has kicked off October with a bit of a stumble, and it’s got many of us wondering—was “Uptober” ever real, or were we just caught up in hype? Just a few weeks ago, many experts were saying September would be tough, but we’d see Bitcoin take off in October. Yet here we are, watching the price fall instead of rise.
A Good September, but What About October?
Let’s start with some good news. Despite September’s reputation as a tough month for the crypto market, Bitcoin ended it up 7.11%. Historically, September has been a period where we brace for the worst, but Bitcoin gave us an unexpected treat this time. Instead of sinking, it soared—marking the best September in its history.
Now, with October here, many of us thought the rally would keep going. We were expecting the gains of “Uptober,” but so far, the opposite has happened. Instead of a continued climb, Bitcoin has started October with losses. So, is the concept of “Uptober” nothing but a myth? It seems that way for now.
Is the Myth of ‘Uptober’ Busted?
You and I can always look at past trends for clues about the future, but we can’t expect things to repeat exactly. What we’re seeing is a perfect example of that. It turns out that everything really depends on what’s happening in the world at any given time.
Take recent global events, for instance. The rocket attacks from Iran on Israel have created worldwide uncertainty, which has affected the Bitcoin market too. If this conflict continues to escalate, we might see more impact on Bitcoin and other cryptocurrencies. And it’s not just the conflict—we’re also dealing with rising unemployment figures in the United States, which could add more weight to the bearish mood.
Panic Sets In
If there’s one thing we know about Bitcoin, it’s how quickly emotions can flip. Just a week ago, everyone was excited, talking about new all-time highs. Now, it feels like the entire market has gone into panic mode. The pseudonymous analyst Kaleo put it best in a recent post on X: “After scrolling through the timeline for a few minutes, you’d think we will never see a green candle again.”
It really does feel that way right now. Talk of a bull market seems to have disappeared overnight, and instead, everyone’s bracing for a long stretch of falling prices. But, as is often the case, the truth is probably somewhere in between.
Finding Some Support
Even though sentiment has taken a nosedive, there may still be some hope. For now, Bitcoin seems to have found a support level. Analyst Rekt Capital mentioned on X that Bitcoin is holding the 21-week EMA (the green line) as support for now. He also pointed out that Bitcoin briefly dipped toward the downtrend line that was broken two weeks ago, which could act as another support.
Bitcoin is holding the 21-week EMA (green) as support for the time being
In fact, BTC even downside wicked towards the Downtrend that was broken two weeks ago (light blue)
Both are important to continue acting as support
So far, so good$BTC #Crypto #Bitcoin https://t.co/rfSDo7O2Vo pic.twitter.com/DrvOj7qbnJ
— Rekt Capital (@rektcapital) October 2, 2024
So while it’s easy to get caught up in the fear when things go red, let’s not forget that Bitcoin has been through this many times before. It’s a volatile, and though we may not have seen “Uptober” take off yet, that doesn’t mean the month is over. We have actually just started the month, so there is plenty of momentum to gain.
We’ll keep you updated here at HowToBuyBitcoin.org, so you can stay informed and ready for whatever happens next.