This month was supposed to be a big breakthrough for jaded Bitcoin bulls.
But “Uptober” has turned into “Floptober,” and the leading cryptocurrency is now on track to post its first October loss since 2018.
According to data from CoinGecko, the cryptocurrency reached an intraday low of $110,020 early this week on Wednesday.
According to Polymarket bettors, there is currently a 0% chance that major cryptocurrencies will exceed $130,000 this month.
There is also a 3% chance that Bitcoin will fall below $100,000 this month.
Why did “Uptober” fail?
Cryptocurrencies got off to a strong start to the month, hitting new highs.
However, the situation quickly turned against the bulls due to escalating trade tensions between the US and China.
After the United States announced 100% tariffs on the second-largest economy, the crypto market experienced the largest liquidation event in history, wiping out $19 billion worth of longs and shorts.
Bitcoin's sharp decline has undermined its value as a safe-haven asset, with the cryptocurrency continuing to underperform gold.
Although trade tensions between the two superpowers have now eased, Bitcoin has struggled to recover.
Pessimistic predictions for 2025
Will the Bulls be back in the driver's seat this year? Polymarket bettors don't think so.
In fact, only 46% think Bitcoin will rise above $130,000 with two months left.
Meanwhile, there is only a 14% chance that BTC will cross $150,000 this year.
However, Robert Kiyosaki, author of Rich Dad Poor Dad, remains confident that Bitcoin is on track to surpass $250,000 this year.
