CandleFocus Bitcoin’s Poor Start to Bullish October Continues, but There May Be Cheer Ahead for Bulls
2024-10-04
Author: Content Editor
Bitcoin experienced a dip below $60,000, resulting in $144 million worth of bullish positions being liquidated. This comes despite historical data showing that October has been the most bullish month for Bitcoin since 2013, with an average gain of 22%. Social sentiment on platforms like X is reflecting bearish views on Bitcoin's price recovery. Rising oil prices and tensions in the Middle East are shifting investor focus towards commodities like oil and gold, impacting risk asset sentiment, including Bitcoin. Polymarket bettors have mixed opinions on Bitcoin's price direction for October, but lean towards a range-bound movement between $57.5K and $65K. Despite the current dip, historical data suggests that most gains in October occur in the latter part of the month, with price jumps of up to 16% typically occurring after October 15.
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