As we step deeper into October 2024, the anticipated “Uptober” has yet to materialize, leaving the crypto market on edge. Historically, October has been a bullish month for Bitcoin (BTC) and many other cryptocurrencies, but so far this year, the trend has been slower to kick in. Let’s dive into what’s happening and whether the delayed surge is a signal or just another phase in the crypto market cycle.
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What Is Happening in October 2024?
The start of October 2024 has painted a somewhat negative picture for the crypto market. Despite the typically strong bullish performance in October, the first week saw significant losses across many top cryptocurrencies. For example, the Bitcoin price dropped nearly $5,000, falling below $61,000 on October 3. This decline resulted in a temporary market rebound, but the gains were short-lived, leading to a market-wide drop by midweek.
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Notable Losses and Rebounds
On Thursday, October 10, the market saw a significant loss of at least $180 million, and Bitcoin briefly dropped to $58,946. However, buyers quickly stepped in, restoring balance over the next 12 hours. Bitcoin bounced back, trading as high as $62,709 by the end of the day, according to data from CoinMarketCap. Although this recovery indicates resilience in the market, it has not yet sparked the anticipated “Uptober” rally.
The Struggle for Bitcoin and Ethereum
Despite the historical strength of October, Bitcoin (BTC) has struggled this year. Data from the last five years typically shows Bitcoin gaining in October, often following losses in September. This year, Bitcoin broke its September trend, closing the month with an 11% gain, a significant departure from the usual 5.9% average loss seen in prior years.
Yet, the anticipated October surge has been sluggish. According to market analyst Ki Young Ju, CEO of CryptoQuant, Bitcoin has roughly two weeks left to initiate a rapid rise, based on historical data following previous halving cycles.
Similarly, Ethereum (ETH) and other altcoins have followed a sideways trend. Market makers appear to be holding out, waiting for the right time to buy into the dip and kickstart the next leg of the bull market.
Concerns from Veteran Traders
Veteran trader Peter Brandt has expressed caution. His analysis shows that Bitcoin may face a potential collapse of up to 75%, primarily because it has failed to reach a new peak within 30 weeks of its all-time high of $73,737.94, recorded on March 14, 2024. Historically, failing to reach a new peak within this time frame has often led to dramatic Bitcoin price declines.
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Brandt’s warning highlights the uncertainty in the market, despite the bullish outlook many traders hold for October. His prediction is a reminder that the market is still volatile, and sharp corrections are always possible.
Will Uptober Finally Arrive?
Market history provides clues that Uptober could still be on the horizon. For example, back in 2020, Bitcoin remained weak until October 16, after which it surged by approximately 30% over the next two months. Similarly, in 2021, the crypto market soared after a mid-October rally, while in 2023, Bitcoin saw a recovery starting around October 15-16, pushing the price from $27,000 to $38,300 by the end of November.
Given this historical context, traders should keep an eye on the next two weeks as the pivotal moment when Uptober might begin. Market makers are likely biding their time, waiting for the perfect buying opportunity to jump-start the next bull-run.
Conclusion: The Wait for Uptober
Although Uptober hasn’t fully arrived yet in 2024, the market still shows signs of potential recovery. Bitcoin and altcoins remain consolidated, with sideways movement dominating the charts. While veteran traders like Peter Brandt warn of potential crashes, others, including Ki Young Ju, believe the next two weeks could be critical for Bitcoin’s trajectory.
For traders and enthusiasts looking to stay informed, Coin Push Crypto Alerts provides timely and accurate crypto signals to help you navigate the market’s ups and downs. As always, while we don’t provide buy, sell, or trading services, our insights can be a valuable asset as you prepare for the next big moves in Bitcoin, Ethereum, and the broader crypto market. Stay tuned to see if Uptober will finally take off.
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At Coin Push Crypto Alerts, we continue to monitor these developments and provide timely crypto signals to help our users navigate the fast-moving market. While we don’t offer buy, sell, or trading services, we ensure that you stay informed about major market shifts that could impact Bitcoin, Ethereum, altcoins, and the broader crypto ecosystem as we head toward the anticipated 2024 bull run.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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