For a long time, cryptocurrency enthusiasts have affectionately dubbed October as “Uptober,” reflecting its historical pattern of significant bitcoin surges. However, this year is on track to be the most disappointing since 2015.
Currently, bitcoin has fallen by 5% for the month and was trading close to $107,000 during late Asian hours on Sunday, according to CoinGlass data. Historically, October has averaged gains of about 19.8%, with November typically being even stronger at an average increase of 42%.
The influence of broader economic risks has overshadowed typical seasonal trends. Factors such as the ongoing U.S.–China trade tensions, reduced market liquidity, and several leveraged position liquidations have all contributed to limiting potential gains.
Last week’s dip below $107,000 led to another $1.2 billion in liquidations for bitcoin investors who had taken long positions following September’s recovery. Other cryptocurrencies like Ethereum, Solana, and BNB saw declines between 4%–7%, while smaller coins such as DOGE at $0.1891 and ADA at $0.6483 experienced drops exceeding 20%. The CoinDesk 20 Index also fell by 8% in October.
Although it’s unusual for October to end negatively for bitcoin—having only happened twice in twelve years (2014 and a minor decline in 2018)—there remains hope based on past performance that fortunes could change before month-end.
In fact, back in 2020 after starting off poorly early in the month but then rallying by an impressive rate of over one-quarter towards its conclusion set up new record highs into subsequent periods leaving some optimism still lingering now despite current challenges faced this year which seem poised against “Uptober” living up fully yet again thus far overall testing name itself indeed presently speaking so much here today truly enough said then already!