The "Uptober" Month Has Arrived, But Crypto Markets Are Experiencing Sharp Declines

Today, there were sharp declines in crypto markets, many cryptocurrencies, especially Bitcoin, fell. Bitcoin is down about 4.92% today and is currently trading at $60,675. Many people were actually expecting Bitcoin to rise even higher, but its sharp decline has dampened the spirits of crypto markets. However, I believe the declines are temporary and I don’t think the declines will last too long.

Many have been waiting for the “Uptober” month and it is finally here. When we look at Bitcoin’s history, it is clear that October is a bullish month. Bitcoin has increased by more than 20% on average on 8 out of 9 Octobers, which is why many people call October the “Uptober” month. So many people were hoping that Bitcoin would go higher in October, so today's declines have dampened morale.

If Bitcoin makes a similar rally as it did in previous Octobers, it could rise to $75,000, but after today’s declines, many say such a rally is now difficult. Frankly, I still hold out hope and believe Bitcoin could hit a new ATH this month. We’ll wait and see.

Do you think Bitcoin could hit a new ATH this month?

This is not investment advice, please do your own research before investing.