Bitcoin

The use of the term “Uptober” has decreased in early October, suggesting a bearish sentiment among crypto traders. According to on-chain analytics provider Santiment, traders have scaled back their expectations for an automatic October pop in crypto markets. This change in market sentiment emerges after a fairly steady decline in recent months, much to the point that it has been nicknamed “Selltober” or “Octobear.”Of all the months in a year, October seems to be particularly favorable to Bitcoin, hence the name ‘Uptober.’ Analyzing the history of the past 11 years, it can be established that in nine years, there was a rise in the price of <a href="https://cryptotale.org/uptober-rally-bitcoin-eye-gains-with-strong-october-history/" rel="noopener noreferrer nofollow">Bitcoin</a> in the month of October, and for the last 5 Octobers, there was a continuous increase in the price of Bitcoin. In some of these years, the monthly growth rate was between 5.5% and 40%, even in bear market conditions. However, the current market conditions seem less favorable, with Bitcoin suffering a significant decline.<h2 id="header-0">Market Decline and Potential Rebound</h2>Crypto markets have lost about $200 billion since October began. That&#39;s an 8% drop in market value. As of October 3, the market cap was back to mid-September levels, hovering around $2.2 trillion. Bitcoin briefly fell below $60,000. It then bounced back to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">$61,000</a> but it remains under pressure.<a href="https://cryptotale.org/uptober-sentiment-declines-as-crypto-traders-become-bearish/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Uptober Sentiment Declines as Crypto Traders Become Bearish

Table of Contents

CryptoTale

Other articles published on Oct 4, 2024

ETFs for Bitcoin and Ethereum Suffer Major Withdrawals

Is Visa Preparing a Crypto Revolution for Banks with VTAP?

Orbis86 Presents “The Future of Tech – Web3 x AI”

Floki's Valhalla Partners with Esports Giant Alliance

BingX Exchange Hit by $26M Crypto Theft: Report

CryptoPunk NFT Sets New Record with $56.3 Million Sale in ETH

Join our free newsletter for daily crypto updates!