Uptober should really get started soon for Bitcoin

We probably won a bit too early this week when we counted down to Uptober and became completely euphoric. The largest digital currency apparently thought otherwise, returning around 7 percent in the past few days. Euphoria about the beginning of October has turned into anxiety about the end of September.

At the time of writing, Bitcoin is trading at around $109,600 while Ether is trying to stay above the $4,000 mark.

Fear

The mid-August peak of $124,000 for Bitcoin doesn’t seem to find a repeat this month. Although September has been relatively calm so far, the past week has changed that. An already nervous market has now started fearing a further drop and some are even experiencing mild panic. Analysts believe a drop below $100,000 before the end of the month is possible, while the official ‘fear and greed index’ is falling to very low levels.

Crypto investors’ fear of losses is clearly greater than their hope for gains in these final days of September.

October

It’s a different story with gold and technology markets. They’re racking up record highs. This has been the case in the past as well and Bitcoin usually only reacted 30 days later with a similar move to a new ATH, so perhaps October will be a superb month after all?