The Breakdown Is Uptober On the Menu for Bitcoin?
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Oct 2, 2024 October is historically a strong month for Bitcoin, often referred to as 'Uptober.' The podcast discusses whether this trend will persist in light of recent economic and geopolitical uncertainties. Bitcoin had a remarkable September, but the mood is mixed for October. Market sentiment is shifting with increasing optimism, driven by price surges and ETF investments. Retail interest is also changing, influenced by Bitcoin's approach to key price levels and evolving market dynamics. The overall sentiment hints at a potential bullish phase.
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Bitcoin's Historical Performance
- October is historically Bitcoin's best-performing month, averaging 22.9% gains.
- However, September 2024 defied expectations with a 7.3% gain, its best on record.
Bitcoin's Monday Wobble
- Bitcoin experienced a 4% drop due to fears of an economic slowdown and macro shifts.
- These include Japan's new prime minister and their potential impact on interest rates.
Powell's Impact on Bitcoin
- Jerome Powell's speech reiterated the Fed's stance on interest rates, rejecting market expectations of a larger cut.
- This, along with events like Hurricane Helene and a dockworker strike, fuels macro uncertainty.