Will “Uptober” stay true to its name, or are we headed for “Rektober?”
The primary cryptocurrency posted substantial gains in September, fueling expectations that the uptrend would continue this month. In fact, BTC started October on the right foot and briefly surged to nearly $87,000 at one point.
However, the bulls couldn’t maintain momentum, and the asset headed south. The past 24 hours brought more pain for investors as Bitcoin dipped below $80,000 after US inflation came in hotter than expected, while South Korea’s KOSPI index crashed over 7% on the day. The latest red wave, though, might be just a temporary correction before a renewed rally, and here’s why.
The Bullish Signals
Let’s start with the fact that October has historically been one of the best months for BTC, earning it the nickname “Uptober.” The asset has finished the period in the red on only 3 of 13 occasions. We still have more than two weeks left to see whether bulls can regain control and secure another successful “Uptober.”
Next is whale activity. Not long ago, Ali Martinez revealed that large investors used the slump from $87K to $80K to stack an additional 16,010 coins (worth nearly $1.3 billion).
An analysis published by CryptoQuant also shows that whales have launched a buying spree. The team revealed that big wallets (excluding exchanges and mining pools) have increased their total holdings to 3.03 BTC, the highest combined balance since November last year.
This accumulation is generally seen as a bullish signal, as large investors are often considered smart money with a longer-term investment horizon. Their buying leaves fewer coins available on the open market, which, combined with steady demand, could trigger a price uptick. In addition, these efforts can encourage smaller players to join the ecosystem, bringing in fresh capital.
Last but not least, we will observe BTC’s price movement after the previous US CPI data. The asset saw major initial volatility after the last four announcements (similar to what we witnessed over the past 24 hours), but X user Crypto Rover noted that the bulls eventually gained control each time, and Bitcoin rallied hard. It remains to be seen whether this time will be the same.
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The Latest Predictions
According to the X account Wealthmanager, BTC has “major bid zones” stacked between $75,000 and $80,000. That said, the price could sweep lower toward that range before resuming its next big move.
X user Aman claimed that Bitcoin might be developing a “head-and-shoulders” pattern. The analyst suggested that if this plays out, $76,000-$77,000 could become “the next area to watch.”
“Not saying it will happen for sure, but the setup is there. Better to prepare for the possibility now than panic if BTC actually breaks down,” they added.
Martinez also recently chipped in. He identified $84,000 as a key level marking the 50 SMA and potentially unlocking the next rally.
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