Bitcoin’s October Performance Flips Green Again To Keep “Uptober” Narrative Alive
Bitcoin’s performance this October has flipped green again after the record liquidations earlier this month, keeping the “Uptober” narrative alive.
That’s after the largest crypto by market cap printed a more than 1% 24-hour gain to trade at $115,389.27 as of 7:50 a.m. EST, data from CoinMarketCap shows.
October’s Bullish Reputation Could Remain Intact
October has been a historically bullish month for Bitcoin’s price. According to CoinGlass data, the crypto king has only seen a loss twice in October since 2013.
Bitcoin’s historical performance (Source: CoinGlass)
The last time BTC recorded a loss for an October was back in 2018, when it slid over 3%. Prior to this, the last October loss was seen in 2014 following a more than 12% price decline.
Whether Bitcoin would be able to repeat its bullish October streak was questioned after the crypto space saw a market-wide pullback earlier this month following US President Donald Trump’s threat to slap China with 100% tariffs.
While October has not come to an end yet, crypto investors are more optimistic than they were towards the start of the month, especially as the market anticipates a rate cut announcement from the US Federal Reserve later this week.
Investor Sentiment Gets A Boost From Latest CPI Release
The Crypto Fear & Greed Index, a popular tool traders use to gauge sentiment in the market, currently stands on a “neutral” reading of 51. This is after an 11-point increase in the past 24 hours.
Crypto Fear & Greed Index (Source: Alternative.me)
The latest score is also a substantial improvement from the “fear”readings of 29 and 33 seen a week and month ago, respectively.
Analysts have identified the latest US Consumer Price Index (CPI) release, which came in cooler than expected on Friday, as a driver for the increased optimism and interest rate cut hopes.
Traders on Polymarket predict a 98% chance that the Fed will announce a 25 bps interest rate cut this week.
Bull Market Not Over Yet, Says Analyst
According to renowned analyst and trader Michael van de Poppe, BTC has broken through a “crucial resistance zone” after it flipped the $112K level.
“Once that broke, it’s clear that this bull market is far from over and that we’re about to have way more upside to come in here,” the analyst wrote.
However, he went on to warn that there might be a pullback in Bitcoin’s price before the Fed meeting later this week. Van de Poppe believes that BTC will then “test some levels for support on lower timeframes,” but predicted that the levels should hold. If this is the case, the analyst says Bitcoin will likely start to run towards a new all-time high in November.
“Buy the dip season it is,” he added.
Meanwhile, another analyst by the name of Ali Maritnez has warned on X that Bitcoin’s price “could soon face profit-taking pressure.” He noted that the TD Sequential has started flashing a sell signal.
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