Bitcoin Dips in Early October – Is “Uptober” Just a Myth or Is Geopolitical Tension the Culprit?

Bitcoin started October with a negative trend, disappointing investors who expected a continuation of the upward trend it enjoyed towards the end of September.

After its strong performance last month, when BTC gained over 7% and briefly reached $66,000, the asset has since faced a sharp decline.

On the very first day of October, the price of the largest cryptocurrency fell below $61,000, and it was also affected by geopolitical tensions in the Middle East, which raised concerns about the asset’s prospects for the rest of the month.

At the time of writing, Bitcoin has fallen 4% in the past 24 hours. This decline has changed market sentiment, with the fear and greed index now reporting “fear“.

Additionally, some crypto analysts have pointed to growing panic among investors on social media, highlighting widespread uncertainty.

The price action of Bitcoin, which is sensitive to global events, has been negatively affected by geopolitical unrest, leading some to question its reputation as a safe-haven asset.

However, history shows that October is usually a positive month for Bitcoin, especially in the second half. Despite the current downturn, some investors remain hopeful that the cryptocurrency can recover as the month progresses – specifically the second and third weeks.