Worst October Ever? Bitcoin Remains Down Since Start of Month

Main:

• The leading cryptocurrency is at risk of posting its worst October performance since 2013.

• In previous bull market years, the rise in prices was at least 40%.

• The Federal Reserve's meeting next week could have a significant impact on the situation.

Bitcoin's (BTC) so-called “Uptober” hangs in the balance, as the price is currently experiencing its first “red” October since 2018.

According to CoinGlass, BTC/USD is 2.3% below its September close.

On average, growth this month since 2013 has been 20%, with a record 60.8% in 2013. To meet the “plan,” the price must exceed $130,000 in the remaining days of October.

The weakest tenth month of the year was 2014, with a decline of 13%.

Source: CoinGlass.

October has so far disappointed optimists, as an early surge to new all-time highs has subsequently given way to the largest liquidations in the perpetual contracts market in history.

In recent days, the exchange rate has fluctuated within a narrow range between $107,000 and $111,500. To eliminate the negative trend, a return to levels above $114,000 is necessary.

On the topic: Experts confirm Uptober's forecast amid current turbulence

Now or never

Economist Timothy Peterson's bull run comparison chart offers a fresh perspective on the world's leading cryptocurrency in 2025.

Source: Timothy Peterson.

At the beginning of the month, the specialist offered some reassurance, reminding that the bulk of Uptober is usually associated with the second half of the month.

“60% of the annual result occurs after October 3,” the expert's study said in September.

Source: Timothy Peterson.

According to the economist, the upcoming US Federal Reserve meeting on October 29 could be an “important signal” for markets. This is due to the potential end of the quantitative tightening program [increasing the amount of liquidity in the system].

Related: Cryptocurrency market conditions are favorable for Uptober — QCP Capital

This article does not contain investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making decisions.

Source: cryptonews.net