Michaël van de Poppe who is one of the most popular crypo analysts just posted a video about the current situation in the crypto market and whether Bitcoin price will crash in October.
He also weighed in on his thoughts on whether ‘Uptober’ is cancelled.
What you'll learn 👉
Market Sentiment and Global Events
The crypto market continues to face negative sentiment, especially for altcoins. While many anticipated a bullish trend in October, dubbed “Uptober,” the reality has been quite different. Most assets are struggling, and the market remains in a bearish phase, largely due to a few key events.
Van de Poppe identified three significant factors impacting the market. First, China injected $142 billion into its economy, which was expected to boost scarce assets like crypto. However, other factors overshadowed this potential positive effect.
Second, geopolitical tensions in the Middle East, particularly between Iran and Israel, have created uncertainty. This has led to a risk-off environment where investors are pulling out of volatile assets like Bitcoin. As a result, gold has risen as a safe haven while crypto prices have fallen.
Lastly, macroeconomic data, such as unemployment rates, typically cause corrections in Bitcoin. Van de Poppe suggests this pattern is likely to continue in the short term, followed by a potential recovery.
Technical Analysis and October Outlook
Despite the current bearish trend, Van de Poppe believes Bitcoin is nearing a bottom and likely to stabilize between October 7th and 11th. Historically, this period often signals a rebound for Bitcoin. He speculates that as the geopolitical situation in the Middle East settles, focus may shift back to macroeconomic factors, such as potential Federal Reserve rate cuts and China’s economic measures.
Bitcoin has been moving sideways for six months, which Van de Poppe interprets as a sign of stability. Despite short-term challenges, he sees this as an accumulation phase, especially as institutional interest, like Bitcoin ETFs, continues to grow.
Read also: Solana (SOL) Price Set to Explode? Two Charts Suggest a Potential Major Rally Ahead
Public Perception and Long-Term Outlook
Van de Poppe also addressed the broader negative sentiment around Bitcoin, driven by market volatility and panic reactions, particularly during times of geopolitical uncertainty. This sentiment can lead to Bitcoin being temporarily “canceled” in the public eye, but he argues this is often short-lived.
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Show more +According to Van de Poppe, selling during war and panic situations is often a mistake. In the long term, Bitcoin typically recovers as panic subsides, a pattern seen in past market events. He suggests that wars and panic often lead to short-term sell-offs, followed by recoveries.
While the concept of “Uptober” may be facing challenges, Van de Poppe’s analysis provides a more nuanced view of the current market situation.
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