- Why did ‘Uptober’ flop?
- Pessimistic 2025 predictions
This month was supposed to be a massive breakthrough for the jaded Bitcoin bulls.
However, “Uptober” turned into “Floptober,” and the leading cryptocurrency is now on track to score its first October in the red since 2018.
The cryptocurrency reached an intraday low of $110,020 earlier this Wednesday, CoinGecko data shows.
According to Polymarket bettors, the odds of the leading cryptocurrency surpassing $130,000 this month currently stand at 0%.
There is also a 3% chance that Bitcoin will plunge below $100,000 this month.
Why did ‘Uptober’ flop?
The cryptocurrency started the month on a high note, surging to a new record high.
However, things quickly turned south for the bulls due to an escalation in trade tensions between the US and China.
The cryptocurrency market experienced its biggest liquidation event ever, with $19 billion worth of longs and shorts being wiped out after the US announced 100% tariffs on the second-largest economy.
Bitcoin’s plunge undercut the safe-haven narrative, and the cryptocurrency continued to underperform gold.
Even though the trade tensions between the two superpowers have now diffused, Bitcoin has struggled to recover.
Pessimistic 2025 predictions
Will the bulls be back in the driver’s seat this year? Polymarket bettors do not think so.
In fact, only 46% of them think that Bitcoin will top $130,000 during the remaining two months.
In the meantime, there is only a 14% chance of BTC topping $150,000 this year.
That said, “Rich Dad Poor Dad” author Robert Kiyosaki is still convinced that Bitcoin is on track to surpass $250,000 this year.