What started as the grand Uptober saga is quickly morphing into a bearish meme-fest, and the crypto streets aren’t impressed. Uptober? More like Selltober. As of the start of the month, crypto degens have been watching their bags deflate while social media flips the script, spitting out memes about “Octobear.” Uptober’s vibe is, well…gone.
Fading Uptober Dreams, Glimpse of a Bounce?
Santiment, one of those onchain number crunchers, spilled the beans on Oct. 4, pointing out how Uptober mentions are plummeting harder than BTC itself. Folks have stopped buying the Uptober dream, and the hope of an automatic bull run is getting crushed under bearish memes. “Selltober” is the new rally cry, but don’t count the bulls out just yet.
Maksim Balashevich, Santiment’s overlord, added his cryptic two sats, saying, “Uptober excitement wanes as the market dips, which does open the door for a rebound.” The rebound hopium is real, but Maksim’s keeping the bearish tinfoil hat close. Everyone’s now wondering, is this dip the start of a rocket or a deeper dump? Traders seem ready to pounce either way.
The Traders’ Gamble: Hold, Dump, or Wait?
Crypto X influencer “Ash Crypto” tossed in his hot take on Oct. 3, flexing to his 1.1 million followers that BTC might drop just enough to get degens to fully embrace Selltober. But his prophecy doesn’t end there. Ash hinted that once the bears get cocky and start aiming for $40k-$45k, that’s when Bitcoin will “pump hard.” Could be another big fakeout, but hey, the crypto market’s built on mind games and HODL whispers.
Meanwhile, total crypto market cap has shriveled by $200 billion since the month began, around 8% down. CoinGecko stats tell us that things were looking grim by Oct. 3 as total market cap dropped to $2.2 trillion, back to mid-September levels. Bitcoin itself tripped under $60k, but scrambled back up to $61k in no time.
Is This October Different, or Just Another Fakeout?
Historically, October’s been a good month for Bitcoin, with the big orange coin showing gains in nine of the past eleven years. Uptober always made sense until 2023 rolled in. This time around, things are wilder. The 10x Research squad says crypto bulls got too comfy since March. They were outmaneuvered by massive token unlocks, OG sell-offs, and overextended rallies. Not even all the inflows from ETFs and stables could save the day.
Bitcoin’s already down 4.7% this month, slipping from its high of $64k. But if history holds true, mid-October might still deliver the bag for those still HODLing. So, will Uptober resurrect itself or will Octobear reign supreme? Time’s ticking, and the market’s ready to swing.
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