“Uptober” highlights the “historically bullish month” of October for BTC and others. This year’s market sentiment is different, with the usual Uptober hype dropping across social media.

Notably, this is due to the current falling prices of different cryptocurrencies, causing traders to lose faith in an automatic October bullish trend. Investors are ditching “Uptober” for “Selltober,” “Rectober,” and “Octobear” due to current market trends.

Influencers on the Uptober Hype

Popular crypto influencer, Santiment, highlights the situation in a post on X. “Mentions of “Uptober” have declined significantly, painting a picture that traders have become much more bearish on the idea of this month being an automatic money printer for crypto. The lack of optimism opens the door for (at least) a short-term bounce,” said Santiment.

The influencer analyst believes that the bearish situation will pave the way for recovery in crypto prices after the decline. Accordingly, this window for prices to increase would stem from more investors starting to buy at lower prices or a sudden shift of the general market to bullish sentiment.

Another prominent influencer, Ash Crypto, in a post on X compared 2023’s Uptober with this year’s and gave some insights. According to Ash Crypto’s analysis, the price of Bitcoin will continue to dip to the same percentage as last Uptober.

“BTC COULD DROP A LITTLE MORE SO THAT PEOPLE WILL STOP BELIEVING IN UPTOBER,” said the influencer. Thus, the disappointment would make investors pessimistic.

Next, he predicts that the bearish sentiment will spark a buy signal, causing Bitcoin’s price to pump. Notably, the price boost will mirror the pump at the end of October 2023 (33% boost).

Both influencers’ opinions undeniably align. With the Uptober hype dialing down and bearish sentiment rising, will the market unfold as these influencers have predicted? Or will October spell out BEAR for investors?