Bitcoin

Bullish crypto sentiment for the month of October, which social media has dubbed “Uptober,” has been waning as markets continue to retreat.&nbsp;
In an X post on Oct. 4, onchain analytics provider Santiment noted that mentions of Uptober have declined significantly since the beginning of the month.&nbsp;
It <a data-ct-non-breakable="null" href="https://x.com/santimentfeed/status/1841985637525733712" rel="null" target="null" text="null" title="null">added</a> that traders have become bearish on the idea that this month will be an “automatic money printer for crypto.” Instead, social media has been awash with memes and mentions of “<a data-ct-non-breakable="null" href="https://x.com/thomas_fahrer/status/1842003308015173703" rel="null" target="null" text="null" title="null">Selltober</a>” and “Octobear.”&nbsp;
<figure>
 <img alt="Social Media" src="https://s3.cointelegraph.com/uploads/2024-10/01925588-d2ff-7c4b-8f40-69a77f858e3c" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/0xNovaSeeds/status/1842029061104910451" rel="null" target="null" text="null" title="https://x.com/0xNovaSeeds/status/1842029061104910451">NovaSeeds</a>&nbsp;
 </figcaption>
</figure>
Still, Santiment founder Maksim Balashevich says the recent lack of optimism opens the door for a short-term bounce.
<blockquote>
 “Uptober excitement wanes as the market dips, which does open the door for a rebound. Whether the bigger downtrend is over remains to be seen.”&nbsp;
</blockquote>
<img alt="Social Media" img_link="" img_link_new_tab="" img_link_nofollow="" img_link_title="" name="" src="https://s3.cointelegraph.com/uploads/2024-10/01925589-55aa-7183-a632-32bac5a86922" title="">
Bitcoin social volume and social dominance data. Source: <a data-ct-non-breakable="null" href="https://x.com/santimentfeed/status/1841985637525733712" rel="null" target="null" text="null" title="https://x.com/santimentfeed/status/1841985637525733712">Santiment</a>
Veteran trader “Ash Crypto” <a data-ct-non-breakable="null" href="https://x.com/Ashcryptoreal/status/1841840200571375961" rel="null" target="null" text="null" title="null">told</a> his 1.1 million X followers on Oct. 3 that “BTC could drop a little more so that people will stop believing in Uptober” before adding:&nbsp;
<blockquote>
 “Once bears start getting excited and calling for $40k to $45k, BTC will pump hard.”
</blockquote>
In a <a data-ct-non-breakable="null" href="https://x.com/10x_Research/status/1842026541842399327" rel="null" target="null" text="null" title="null">note</a> to investors on Oct. 4, 10x Research analysts said that since March, many crypto bulls have been caught off guard, expecting the bull run to continue.
Technical indicators suggest the rally was overextended, they said, before adding, “It now seems that sell-offs from early adopters (OGs) and large token unlocks have been driving prices down despite strong inflows from stablecoins, Bitcoin Spot ETFs, and increased futures leverage.”
<h2 id="strong-uptober-isn-t-usually-on-time-strong">Uptober isn’t usually on time&nbsp;</h2>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/will-a-us-dollar-crisis-trigger-a-crypto-boom" rel="null" target="null" text="null" title="null">Crypto</a> markets have declined by about $200 billion, or roughly 8%, since the beginning of October. Total capitalization was down again as of Oct. 3, falling 1.9% to mid-September levels at $2.2 trillion, <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/global-charts" rel="null" target="null" text="null" title="null">according</a> to CoinGecko.&nbsp;
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) briefly dipped below $60,000 on Oct. 3 before recovering slightly to reclaim $61,000 at publication.&nbsp;
But October has historically been bullish for Bitcoin, with positive price action in nine out of the past 11 years, earning the nickname.&nbsp;
The past five consecutive Octobers have seen gains ranging from 5.5% to 40% over the month, including bear market years.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ai-tokens-lose-4-69b-october-crypto" rel="null" target="null" text="null" title="null">AI tokens lose $4.69B market cap in 3 days — When ‘UPtober?’</a>
Still, markets usually gain around the middle of October if previous cycles are anything to go by.
BTC lost about 7% in the first half of October 2023, hitting $28,500 on Oct. 2 before falling to $26,650 by Oct. 13. It then <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/new-all-time-high-uptober-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">skyrocketed</a> almost 30% to end the month at $34,500.&nbsp;
<figure>
 <img alt="Social Media" src="https://s3.cointelegraph.com/uploads/2024-10/0192558a-462d-782d-944a-c1d7c7d23906" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/Ashcryptoreal/status/1841840200571375961" rel="null" target="null" text="null" title="https://x.com/Ashcryptoreal/status/1841840200571375961">Ash Crypto</a>
 </figcaption>
</figure>
Bitcoin has lost about 4.7% this month from its high of $64,000 on Oct. 1.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/anti-aging-multi-millionaire-bryan-johnson-almost-devoted-life-crypto/" rel="null" target="null" text="null" title="null">Anti-aging tycoon Bryan Johnson almost devoted his life to crypto</a>

‘Uptober’ mentions on social media plummet amid crypto rout

Table of Contents

Cointelegraph

Other articles published on Oct 4, 2024

Binance Demands Release of Executive Before Meeting Nigerian Crypto Regulations: Report

XRP Price Prediction: Bullish Signals Emerge For Ripple But The Market Is Eyeing Up SHIB And RBLK...

Spot On Chain Launches New Program: Spotlight Your Project Onchain

Vana Secures $25M in Funding to Overcome AI Data Wall

Countdown Begins for BlockDAG’s 50% Bonus; LayerZero Climbs & Ethereum Enthusiasts Keep Faith

BCB Group Wraps Up FCA Investigation Positively

Join our free newsletter for daily crypto updates!