- Why did ‘Uptober’ flop?
- Pessimistic 2025 predictions
This month was imagined to be an enormous breakthrough for the jaded Bitcoin bulls.
Nonetheless, “Uptober” become “Floptober,” and the main cryptocurrency is now on monitor to attain its first October within the crimson since 2018.
The cryptocurrency reached an intraday low of $110,020 earlier this Wednesday, CoinGecko information exhibits.
In response to Polymarket bettors, the chances of the main cryptocurrency surpassing $130,000 this month presently stand at 0%.
There’s additionally a 3% probability that Bitcoin will plunge beneath $100,000 this month.
Why did ‘Uptober’ flop?
The cryptocurrency began the month on a excessive be aware, surging to a brand new file excessive.
Nonetheless, issues shortly turned south for the bulls as a result of an escalation in commerce tensions between the US and China.
The cryptocurrency market skilled its greatest liquidation occasion ever, with $19 billion value of longs and shorts being worn out after the US introduced 100% tariffs on the second-largest financial system.
Bitcoin’s plunge undercut the safe-haven narrative, and the cryptocurrency continued to underperform gold.
Though the commerce tensions between the 2 superpowers have now subtle, Bitcoin has struggled to get better.
Pessimistic 2025 predictions
Will the bulls be again within the driver’s seat this yr? Polymarket bettors don’t suppose so.
In actual fact, solely 46% of them suppose that Bitcoin will high $130,000 in the course of the remaining two months.
Within the meantime, there’s solely a 14% probability of BTC topping $150,000 this yr.
That stated, “Wealthy Dad Poor Dad” creator Robert Kiyosaki continues to be satisfied that Bitcoin is on monitor to surpass $250,000 this yr.