BTC Sentiment Poll for October

[Vinaa77]

I just look at the chart and figure it out if it's risk off or risk on.

Anyway..  Here's the monthly chart.

If we look at the chart it is worrying for investors. In the last few months the price of Bitcoin has stayed at $19k. I am more worried about such conditions than the price drops. We cannot ensure the continuation of the investment. Do have to buy or even be patient for a few months later.

[1715538067]

1715538067

[1715538067]

1715538067

[1715538067]

1715538067

[1715538067]

1715538067

[1715538067]

1715538067

[Baofeng]

I expect the price to go further down this month. We have been going sideways at $19k for several weeks despite the economy getting worse. You can only hold $19k for so long when everything is so negative. There are no signs of improvement any time soon and many people are warning of a recession in the coming months.

Fair point, if there are more negative news in the coming months the support we have now will crack and even when Biden is assuring that nothing is going to happen, i do not believe him one bit as he cannot even remember what he did a few minutes back and with the way things are going, recession will hit bad and then Biden will find a way to blame others rather than owning up and it will have an impact on the entire economy.

So with the above mentioned situation we cannot look at the past charts and make a prediction on how the price will react this month.

Yeah, the recession is really hurting everyone at this point, not just crypto market. Even if Biden is not anti-bitcoin, still the market will not improved because of the worsening inflation around us.

So it will still be very long crypto bear market, this is just the start of the year and yeah, it could be worst next year when the price is being predicted to go down to $15k. Worth to mentioned as well that the war is still raging in Russia and it seems the Putin is hell bent of annexing Ukraine as he mobilized around 50,000-60,000 soldiers and declare martial law on cities that they have "won" on Ukraine grounds. So there is a lot that is really happening affecting every financial market.

[adaseb]

Inflation up in UK and in Canada. Bonds inverted for the 3 month and 10 year. We also hit new high on the yields.

Stocks on the other hand a doing better since earnings are good. No idea which way to take this.

Volatility is so low that something has to happen sometime soon. Been in this range way too long.

[bitterguy28]

there are small voters now , as october is near coming to end wondering what happened? are Bitcoin believer starts to lose their Hope this month or at least this year?

I still have hopes for this year  though not that High? but still hanging to bitcoin may take good movement before the year ends.

[ethereumhunter]

^  Ok...  So if it's going 'down and down' at what price do you think BTC will drop into?  Is 15k a possibility you think?  Looking at the chart right now, it feels like 17.5k - 18k is protected.  There are market forces out there not allowing BTC to drop down below it.  And it could be different groups doing it to protect their bags and their self interests.  I could imagine miners doing it, exchanges too.  Maybe even guys like Michael Saylor could be in the mix.  I'm not saying they're working together, just saying they're there.

It looks like the price of BTC will not drop drastically that fast. And even though the price will drop to the $15k level, it will probably happen gradually. Still, it could also immediately drop to the bottom, especially if many people are panicking and not ready to see the price drop. This will also be triggered by a lot of negative news, saying that BTC will collapse. Only people who can see a buying opportunity at that lowest price will be able to get high profits if the BTC price bounces back up.

There are too many people who are afraid of price being lowering that fast, and we all know that it won't, it's fine though they can believe in whatever they want to, it's not really going to change anything. I personally believe that the best thing to do right now would be buying up bitcoin for the future profit because I am a bitcoin maximalist, and I believe that even when there are some falls, the long term trajectory of bitcoin is always up, and that's an important reason for me to invest into bitcoin.

This is of course not a guaranteed thing, but it is a good thing that will help us in the long run. This is why it's best if we could invest now, but be careful anyway.

I think it's because bitcoin's movement is now wilder than before and it's unpredictable where it will go. Those afraid will surely miss the moment to buy because they don't dare to take the risk.

If they could think about buying bitcoin and keep it for a certain time, they wouldn't be too afraid or worried about the price movement. That will make them a holder with a strong hand holding bitcoin for the long term. And only people like this can really benefit greatly in the future.

[RealMalatesta]

So if the market really has more noobs and more people hoping for another drop...  Does that mean you think that there are more chances for BTC of starting to trend up than continue trending down from here on out?  Have we really now hit the bottom?

If so, how confident are you that BTC is now at the bottom?  Say around 70% confident that BTC is at the bottom?

Anyway, I think I know my next poll for November if BTC still stays in a tight range.

I am feeling 100% confident that bitcoin hit the bottom already, even if it goes any lower, it will not hit any lower than the bottom we already hit. I think it was somewhere close to 17.5k if I am not wrong, the past 2 years bottom give or take since the bull run started, and the lowest we reached during the bear market. That was so low, and I doubt we would ever reach that again.

This is why I am feeling like we are not going to really see anything that is going to really change much, and why I am buying as much as I can afford, since I trust it to do a lot better, I am not sure how it will happen, or when, but I am sure it will eventually happen one day.

[pooya87]

So if the market really has more noobs and more people hoping for another drop...  Does that mean you think that there are more chances for BTC of starting to trend up than continue trending down from here on out?  Have we really now hit the bottom?

If so, how confident are you that BTC is now at the bottom?  Say around 70% confident that BTC is at the bottom?

Anyway, I think I know my next poll for November if BTC still stays in a tight range.

The number of noobs or better said "weak hands" and their percentage compared to the rest of the market participants changes based on market conditions. For example during 2017 bull run when new ATH was being set regularly, there were a lot more weak hands who had no idea what they were doing compared to 2018 when a new low was set as the bobble popped.

In other words the weak hands sell when the drops happen specially in a big crash like what we had recently. This means we are either at the bottom or very close to it since there is not many of them left to panic sell and cause a big crash.

If we are only considering weak hands alone then we should be at the bottom but weak hands are not the only thing affecting the price. There are a lot of other contributing factors.
For example when the pandemic began the world economy crashed hard which in turn affected bitcoin price. These days most of the world economy is crashing again and that has affected bitcoin price.

But we also have to consider that the world economy has been crashing and is still crashing as we speak but bitcoin price has NOT been dropping for months. Looking at the charts price hit $17590 on June 18 and has not been able to go any lower, that was 4 months ago.

[tokeweed]

^  Mmm..  Would it be possible that the BTC market's reaction is currently lagging behind the world economy right now?  Like there's a group of holders out there who think it's the bottom and they're all hopeful that it's all going up from here on out sooner or later...  In other words there's a group of holders out there that hasn't capitulated yet and when they do, it would be the perfect time to get in.

What does everybody think?  I look at the chart and it seems like 17k - 18k is bought up then nothing.  Those buyers could be getting worried atm as there's not a whole lot of other buyers getting in with them.  And with the whole economy everywhere going in a bad spot too.

[Oasisman]

there are small voters now , as october is near coming to end wondering what happened? are Bitcoin believer starts to lose their Hope this month or at least this year?

I still have hopes for this year  though not that High? but still hanging to bitcoin may take good movement before the year ends.

Some are actually hoping to get a good entry point, so you cannot simply say Bitcoin folks are lossing their hopes just because you're not seeing any progress for a bounce back.
And in terms of Bitcoin recovery this month alone, I don't think we'll about to see it as the world is facing economic crisis. Fiat currencies weakens plus the hyper inflations. Some people might've ran out of budget to buy more fractions as they're also tightening their daily budget for necessities and bills.

[Kadal Ijo]

About 10 days we will leave October, and the current price is around $ 19K and there is a chance to go down below $ 19K, if it does not rise immediately I am sure the price will continue to fall until the end of the year, but as an investor then the best thing is don't panic .

[pooya87]

^  Mmm..  Would it be possible that the BTC market's reaction is currently lagging behind the world economy right now?

No because the market reacted very quickly in the past to the major global economical crisis (this time included). Any future negative reaction (meaning a big dump) needs to happen because of another big economical crisis, or maybe another war that makes it into the news to scare people and the economy.

[aylabadia05]

^  Mmm..  Would it be possible that the BTC market's reaction is currently lagging behind the world economy right now?  Like there's a group of holders out there who think it's the bottom and they're all hopeful that it's all going up from here on out sooner or later...  In other words there's a group of holders out there that hasn't capitulated yet and when they do, it would be the perfect time to get in.

The value of crypto assets is still in the consolidation phase, because market participants still do not dare to act in the market. There is a possibility that market participants make several considerations before starting market activity and in my opinion it is because of expectations of the Fed's interest rate increase and the implementation of the Fed meeting which is planned to be held in a few weeks. This will be a barrier to the price push to increase.

For the current market situation, long-term hold would be very nice. It would be better if investors who are not prepared for risk are better off not visiting the market often because it can make the fear increase.

[iamsange]

About 10 days we will leave October, and the current price is around $ 19K and there is a chance to go down below $ 19K, if it does not rise immediately I am sure the price will continue to fall until the end of the year, but as an investor then the best thing is don't panic .

Don't panic here, it should be straightened out as never sell an asset when the price is still cheap or when it's down. Because true investors who always love their assets will obviously keep every valuable asset they are in bear conditions and they will survive not to sell their holdings in bad conditions like now.

[Jating]

About 10 days we will leave October, and the current price is around $ 19K and there is a chance to go down below $ 19K, if it does not rise immediately I am sure the price will continue to fall until the end of the year, but as an investor then the best thing is don't panic .

Don't panic here, it should be straightened out as never sell an asset when the price is still cheap or when it's down. Because true investors who always love their assets will obviously keep every valuable asset they are in bear conditions and they will survive not to sell their holdings in bad conditions like now.

Well it move down a bit, but it seems to have recovered about $19k again. And yes, we don't need to panic, this is the final stretch of the year and we might see the same pattern till December and I will say that if we maintain at this level, it's already a big win for us. I mean there is a speculation that we might see another low, but so far we haven't and hopefully we can maintain it that way.

And looking at the votes, it is very very close, 30% split between the 3 options. So even in the poll members are still in the middle. Maybe in December there could be a few % spike but that's it.

[GeorgeJohn]

I think the situation of Bitcoin price will go a little down because when observing the price right now, it's noticable that the price is fluctuating and it's not constant in price, so the price of Bitcoin will be down within the month but necessary ir really as people expectations of down to twenty thousand or ten thousand (12-10) as people speculate everytime concerning the price circle.

[rokok lokal]

This gives us a chance to watch and wait.

This poll shows that there is a large amount of uncertainty in society regarding whether Bitcoin will recover from its current slump.

In fact, BTC Sentiment has not been this low until now. Only time will tell whether the community is pessimistic about Bitcoin's opportunities or whether the trend will continue to fall lower.

In my opinion, BTC price looks good. although it is currently still severely corrected. Nothing too unexpected or dramatic happened this time. There is no sign of a rally yet, but neither is it collapsing under its own weight. The price seems to be in a holding pattern.

[Ayers]

many people predict that October is a good month for bitcoin but there is only 1 week left until the end of October and now it can be said that bitcoin has not had any good movement this month. i also hope this month we can see $23k before entering a darker November, since we will face a rate hike in November, it is unlikely to avoid a dumping, and a new bottom is likely in November. too many negative things will happen between now and the end of the year

[Oshosondy]

I expect the price to go further down this month. We have been going sideways at $19k for several weeks despite the economy getting worse. You can only hold $19k for so long when everything is so negative. There are no signs of improvement any time soon and many people are warning of a recession in the coming months.

All what we have noticed is that bitcoin did not go further down as expected, neither is the price increasing above $20000, but getting to $20000 is more becoming impossible. The support has been at $19000 for quite long now. Anytime it goes further below $19000, it is increasing back to $19000 again. This has happened often in October, this makes the price of bitcoin not to be that volatile in October. I am thinking this will lead to a bear market that may be followed by a massive bull market in the coming months.

[bestcoins1]

This gives us a chance to watch and wait.

This poll shows that there is a large amount of uncertainty in society regarding whether Bitcoin will recover from its current slump.

Bitcoin will recover from its slump so far, because in fact Bitcoin is still believed and trusted by many people in the world as the best asset at this time so that some developed countries have also started to see and like Bitcoin for adoption. So don't worry about the decline that has occurred so far in Bitcoin, because as long as there are more people or people who like Bitcoin, then the opportunity to increase the price of Bitcoin will definitely happen again, although not in the near future because it still looks difficult at the moment. And I also don't think that the increase in Bitcoin will happen any time soon.

In fact, BTC Sentiment has not been this low until now. Only time will tell whether the community is pessimistic about Bitcoin's opportunities or whether the trend will continue to fall lower.

The pessimism or optimism of people's thoughts on Bitcoin at this time is a very personal thing, because it is born from the thoughts of each person towards Bitcoin. And I personally am still very optimistic about Bitcoin because the bearish trend will not always happen in Bitcoin and the bulls will definitely come again to Bitcoin and other cryptocurrencies in the market.

[FanEagle]

^  Mmm..  Would it be possible that the BTC market's reaction is currently lagging behind the world economy right now?

No because the market reacted very quickly in the past to the major global economical crisis (this time included). Any future negative reaction (meaning a big dump) needs to happen because of another big economical crisis, or maybe another war that makes it into the news to scare people and the economy.

Nothing of sorts could happen. I mean technically speaking there is another economical crisis on the way, but we are very well aware of it. First governments gave us all free money, now they are trying to take that away, and UK already had it, they lost a good chunk of their value, and other nations will follow in the next one year for sure, some will be doing worse than the others, and some won't be doing that worse, but they will all be going worse than their current situation.

But this is not a news, recession is known and very well prepared for, people who are not ready for it could be shocked when it happens but anyone who remembers 2008 will be already taking a position.