Popular crypto analyst Michaël van de Poppe has shared his insights on the current crypto market situation and potential bitcoin price changes in October. He also weighed in on whether ‘Uptober’ is canceled.

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. Several key factors are impacting the market. First, the injection of $142 billion by China into its economy, which was expected to boost scarce assets like crypto, was overshadowed by other factors. Second, geopolitical tensions in the Middle East, particularly between Iran and Israel, have created uncertainty, leading investors to pull out of volatile assets such as Bitcoin.

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 and an accumulation phase.

Public Perception and Long-Term Outlook

The broader negative sentiment around Bitcoin is driven by market volatility and panic reactions, particularly during times of geopolitical uncertainty. This sentiment can lead to Bitcoin being temporarily "canceled" in public perception, which is often short-lived. Van de Poppe argues that selling during wars and panic situations is often a mistake, as Bitcoin usually recovers in the long run.

While the concept of “Uptober” may be facing challenges, Van de Poppe’s analysis provides a more nuanced view of the current market situation. Although the short-term outlook may be uncertain, long-term forecasts suggest a possible recovery for Bitcoin.