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Bitcoin Catastrophe: Floptober” Thwarts $130,000 Hopes!
The cryptocurrency market is experiencing turbulent times with Bitcoin's decline and trade tensions. Experts analyze the situation and forecasts.
Bitcoin Catastrophe: Floptober” Thwarts $130,000 Hopes!
The Bitcoin market is facing a remarkable turning point as October 2023, initially considered a promising month for the cryptocurrency, is being dubbed by many as “Floptober.” How UToday reports, Bitcoin is on track to record its first negative October since 2018, significantly impacting investor sentiment.
On Wednesday, Bitcoin price hit an intraday low of $110,020, according to data from CoinGecko. This development has severely undermined the perception of cryptocurrency as a safe investment, especially compared to gold, which has proven to be relatively stable.
The influence of global trade conflicts
The month originally started with a rise and a new record high for Bitcoin. But this positive development was quickly overshadowed by escalating trade conflicts between the USA and China. In response to the announcement of 100% tariffs on China, the cryptocurrency market experienced the largest liquidation event in its history, with $19 billion in long and short positions being wiped out. These massive liquidations have taken a toll on investor confidence.
Currently, Polymarket bettors estimate the probability of Bitcoin breaking $130,000 in October at nearly 0%. At the same time, there is a 3% chance that Bitcoin will fall below $100,000 this month. These developments reflect the uncertainty currently prevailing in the crypto market, with only 46% of bettors believing that Bitcoin will exceed $130,000 in the remaining two months of 2023.
Market forecasts and assessments
Despite the difficulties, there are also voices of optimism. Robert Kiyosaki, the author of “Rich Dad Poor Dad,” strongly believes that Bitcoin will surpass $250,000 this year. The latest estimates also show that there is a 14% chance that Bitcoin will exceed $150,000 this year.
In conclusion, Bitcoin market performance during October 2023 undoubtedly represents a challenge for the industry. The combination of political tensions and market volatility severely dented the month's initial potential and forced investors to act more cautiously.