Welcome to Uptoberfest

[BrewMaster]

as the October began the festivities of Uptoberfest started too and with it a a strong positive signal shook the market. for the past week bitcoin price has been smashing new highs almost every day surprising everyone.

currently sitting at a whopping 37.9% rise the market is showing a lot of promise. but price rise is not the only gift of this festival. Uptoberfest brought with it the slow down of the FUD against bitcoin, the huge loss of shorters and finally the whalebears who are now at a crossroad needing to make a decision, either to continue losing money or get on the bull train.



with the $50,000 resistance under a barrage of buy orders we could see this Uptoberfest end with a new ATH.
those who took the fantastic discount of last month and bought bitcoin can now sit back, relax and see the rise unfold and possibly see $100k this month. but those who were fooled by the FUD have to now be filled with regret as they wantch the price grow.

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[Oshosondy]

with the $50,000 resistance under a barrage of buy orders we could see this Uptoberfest end with a new ATH.

Let us hope so, let us expect increase in the price of bitcoin, but actually I have sold some of my bitcoin just because of the rslesistance at $50000. If the price reduce back to $40000, I will buy again, but if the price continue to increase, there is nothing bad about it, it will still favours us all to earn more.

Bitcoin price at $50000 has now been a debate by the analysts if the price will increase to ATH or not, it is very possible but $60000 will be another resistance if the price increase above $50000. That is the resistance at ATH, but we should first get above $50000 to know if the price will reach ATH but I am not very optimistic about the price reaching ATH but that does not mean it is not possible.

[sunsilk]

Uptoberfest brought with it the slow down of the FUD against bitcoin

True.

It seems that the FUD did just passed after making a temporary effect to the market and then eventually the market has recovered.

those who took the fantastic discount of last month and bought bitcoin can now sit back, relax and see the rise unfold and possibly see $100k this month. but those who were fooled by the FUD have to now be filled with regret as they wantch the price grow.

And those who have said that they have to wait for the price to drop some more, they've waited for nothing because the reversal has came so unexpectedly and it's even better.

[cryptomaniac_xxx]

Love the title, lol. And yeah, shorting bitcoin in the last 5 days is a suicide, as you will be slam and getting REKT by the incoming herd of the bulls.

Next stop is $60k early next week again, the market is still very hot and very bullish and S2F model prediction discussion is starting to heat up again in social media. If it is true, then we can break 6 digits very easy this year.

[btc_angela]

as the October began the festivities of Uptoberfest started too and with it a a strong positive signal shook the market. for the past week bitcoin price has been smashing new highs almost every day surprising everyone.

Right, no one expects it to smash $50k resistance very quick. Because the last time we broke $50k, it took us like 3x to finally breach it and then sustained the run to $52k.

currently sitting at a whopping 37.9% rise the market is showing a lot of promise. but price rise is not the only gift of this festival. Uptoberfest brought with it the slow down of the FUD against bitcoin, the huge loss of shorters and finally the whalebears who are now at a crossroad needing to make a decision, either to continue losing money or get on the bull train.

Maybe because FUD doesn't have the sting effect on the market, yeah, it did bring it down to $42k but we have recovered, showed a lot of promising by punishing those who go short on bitcoin.

with the $50,000 resistance under a barrage of buy orders we could see this Uptoberfest end with a new ATH.
those who took the fantastic discount of last month and bought bitcoin can now sit back, relax and see the rise unfold and possibly see $100k this month. but those who were fooled by the FUD have to now be filled with regret as they wantch the price grow.

October really started very hot, and hopefully it will go parabolic and possible to see $100k whether this month or before the year ends.

[cheezcarls]

The Q4 of this year is gonna be interesting for Bitcoin enthusiasts, investors and holders. We all know that Q4 is a “bullish” period but anything could happen like some sudden circumstances that would result to short term setbacks of the price. Even me of course, I am surprised that BTC’s price grew to $50,000+ like crazy in just a short amount of time.

My friend told me that the next resistance would be $59k based on how Bitcoin’s price explode that high smashing the resistance. Even my high school classmate who is also investing to Bitcoin, bought some sats while the price is at $42k and now he’s enjoying the profits.

This is gonna be an interesting month until the year ends. Let’s just hope for the best guys!

[hugeblack]

I do not expect us to move away from the price range from 48k to 66k, but it is surprising that despite all the negative news in the previous days, the price continued to move in large ranges?

The last month of the four-year cycle is usually epic so let's look at what happens to the price and how it matches up with a S2F model.
according to @100trillionUSD twitter account:

There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K


https://twitter.com/100trillionUSD/status/1406577006230245376

so we will stop at 63K

[Yaunfitda]

^^ Still good if we are going to stop $63k then move on November. But October is really the start of a bullish run, it could be super fast rally again. We did stop at $54k-$55k but there's a lot of room to see at least $60k again. S2F is playing out the scenario like clockwork and hopefully if it holds then $100k in December is doable. And it shows how resilient bitcoin is that no matter what FUD we here, it will just have a small dent in the market. And when everything settles down, the price is going higher. Last stop was $52k before the dump because of the FUD, but now we have break it.

[electronicash]

its been said on some threads that septermber is always the bear months even on stock market. october is also said to be the opposite of it.

hope to see this bulrun will continue til december after all the US regulation is already losen up and FED has no plans to ban.  and institutions are back in buying up.

[adaseb]

Seems like it’s a repeat of 2013, pretty much to the month. We started to rally at the beginning of the year and we topped at $64K in April, and then we bottomed in July and in October started to rally again. And if 2013 is repeated we would top somewhere in November.

It’s pretty scary how similar it’s becoming and it’s worrying me.

Because if we are all going to trade like it’s 2013, most likely the opposite will happen.

[Tytanowy Janusz]

And if 2013 is repeated we would top somewhere in November.

This might match the date of taproot activation which is set to be a mid November. And that's where I think market will rect "2013 like traders" doing the opposite. People will dump in November seeing market correction thinking its the end of bull run (just like in 2013) while it will be just a "buy rumours sell facts event" and we will continue to pump for next few months right after. Mostly because the bigger the asset is the slower it moves. And performance of 1B$ asset with nerd as average investor is not a good indicator for trading on close to 1T$ asset with institutional investor as average investor.

[Kong Hey Pakboy]

its been said on some threads that septermber is always the bear months even on stock market. october is also said to be the opposite of it.

hope to see this bulrun will continue til december after all the US regulation is already losen up and FED has no plans to ban.  and institutions are back in buying up.

Is there any supporting data that this month is the bull month for each year for both crypto and stock market? It seems to me impossible that there are days like this and to be honest, I think that it's all just a coincidence.

[Poker Player]

its been said on some threads that septermber is always the bear months even on stock market. october is also said to be the opposite of it.

hope to see this bulrun will continue til december after all the US regulation is already losen up and FED has no plans to ban.  and institutions are back in buying up.

Is there any supporting data that this month is the bull month for each year for both crypto and stock market? It seems to me impossible that there are days like this and to be honest, I think that it's all just a coincidence.

No there isn't. In fact, October is usually a bad month for the stock market. See:

October: The Month of Market Crashes?

What he says has no scientific basis. When we talk about regularities in financial asset prices, we are on a slippery slope, because the supposed regularities we see in the past can always change in the future. They are not like the regularities of the orbits of the planets.

And even less can we draw conclusions about supposed regularities in the case of an asset that has as short a history as Bitcoin.

[Kong Hey Pakboy]

~~~

No there isn't. In fact, October is usually a bad month for the stock market. See:

October: The Month of Market Crashes?

What he says has no scientific basis. When we talk about regularities in financial asset prices, we are on a slippery slope, because the supposed regularities we see in the past can always change in the future. They are not like the regularities of the orbits of the planets.

And even less can we draw conclusions about supposed regularities in the case of an asset that has as short a history as Bitcoin.

I knew it, there's definitely something wrong with that claim so I did ask the right questions after all. That's probably the reason why some analysts think that the 57k pump of bitcoin was a bull trap. Probably we can have some supporting evidence that October's definitely not the year.

[Lucius]

I do not expect us to move away from the price range from 48k to 66k, but it is surprising that despite all the negative news in the previous days, the price continued to move in large ranges?

I personally haven’t experienced any of the news as bad in the literal sense of the word, because if you’re referring to “China banned Bitcoin again” it really doesn’t make sense, except for the extremely naive ones to whom you can sell the same news xx times in a row. South Korea is trying to bring order to the cryptocurrency market in the country - quite logical if we do not want to constantly listen to the news about the hacking of their crypto exchanges. The only possible negative news is the one about a possible bill that should have been voted in the US, and according to some it would be very negative for cryptocurrencies, but it seems to have been postponed until further notice.

Coincidentally or not, the current run started at a time when Jerome Powell (Federal Reserve Chairman) said the US had no plans to ban Bitcoin, and some took it as very positive news.

those who took the fantastic discount of last month and bought bitcoin can now sit back, relax and see the rise unfold and possibly see $100k this month. but those who were fooled by the FUD have to now be filled with regret as they wantch the price grow.

Weak hands will always be weak hands, this has been proven countless times so far. Ever since we reached ATH, theories have surfaced that this is the end of the bull run, and many have believed it. There will always be those who will regret what they missed, and those who played their cards wisely.

[DeathAngel]

Uptoberfest haha, I love it. The month has certainly started well & delivering on the promise of the 2nd leg of this bull run by the likes of Plan B. New ath is expected this month & beyond. $100,000 is still on the cards by tge end of the year too. Good luck everybody.

[Mbitr]

This is definitely a cause for celebration 

[Oasisman]

This is definitely a cause for celebration 

Man, I love those huge pair of B's. 

Uptoberfest indeed as Bitcoin usually rise atleast at the starting month of the 4th quarter. I am once again surprise by how Btc has been performing and recovered quickly amidst the wrath of Chinese FUD, that causes some of the investors to dump right after the news came out (I guess weakhands have learned not to focus on one news).

Now, let's move forward to see $60,000 soon.

[tokeweed]

^  Yup, hope so.  But it feels like there’s gonna be some weekend slump happening before BTC gets back on track and trends strongly up again.  It’s prolly nothing but that buy up to 56k a few hours ago followed by the sudden quick sell down back to 54k is somewhat concerning.   But overall yeah..  It should be an up month.

[NeuroticFish]

But it feels like there’s gonna be some weekend slump happening before BTC gets back on track and trends strongly up again.  It’s prolly nothing but that buy up to 56k a few hours ago followed by the sudden quick sell down back to 54k is somewhat concerning.   But overall yeah..  It should be an up month.

During the week-ends the price movements tend to be.. not normal. So literally anything can happen (or maybe nothing at all).
The price already looks good (even after getting back to 54k) and the month has just started. But I hope it'll get higher, even this week-end.