Bitcoin's October performance proved to be a significant disappointment for bullish investors, as the cryptocurrency failed to meet "Uptober" expectations and instead charted its first red October since 2018. The leading digital asset experienced a notable decline, challenging its perceived stability and prompting a reevaluation of short-term market sentiment.
October's Unexpected Downturn
What was anticipated as a strong month for Bitcoin quickly dissolved into "Floptober," with the cryptocurrency plummeting to an intraday low of $110,020. This stark reversal was primarily triggered by an escalation in trade tensions between the US and China. The market reacted severely to the US announcement of 100% tariffs, leading to an unprecedented $19 billion liquidation event that wiped out both long and short positions. This instability significantly undercut Bitcoin's narrative as a safe-haven asset, causing it to underperform traditional alternatives like gold, even after trade tensions began to diffuse.
Market Sentiment and Year-End Projections
Current sentiment among bettors on Polymarket paints a bleak picture for Bitcoin's immediate future, with zero odds of the cryptocurrency surpassing $130,000 this month and a 3% chance of it falling below $100,000. Looking towards the close of the year, predictions remain cautious; only 46% of bettors believe Bitcoin will top $130,000, and a mere 14% foresee it reaching $150,000. Despite this general pessimism, "Rich Dad Poor Dad" author Robert Kiyosaki stands firm in his bullish forecast, maintaining his conviction that Bitcoin is on track to hit $250,000 before the year ends.
