October is known in the cryptocurrency market as ‘Uptober,’ a period often associated with rising asset prices. However, the popular analyst Ash Crypto has issued a warning about the possibility of early tremors disrupting this optimistic trend. Through his social media presence, he suggested that while optimism may prevail until mid-month, a brief downturn could potentially eliminate many individual investors. Following this correction, he emphasized the possibility of a robust recovery by the month’s end.
Mid-October Correction Warning
Ash Crypto posited that the notion of ‘PUMPtober’ might gain momentum in the first half of the month. Nonetheless, he pointed out a weakness in technical indicators, particularly in the four-day moving average crossover. This weakness could trigger a pullback for Bitcoin to around $105,000 and Ethereum to approximately $3,800. He marked the period of October 15-20 for these events and noted that profit-taking by investors who positioned themselves at summer’s end could heighten short-term volatility. Furthermore, he highlighted the possibility of liquidation in leveraged positions amidst liquidity constraints.
The analyst anticipates that the elimination of weaker hands will provide a healthier platform for growth. Ash Crypto disclosed that he has invested approximately 85% of his portfolio, retaining 15% in cash for potential declines.
Rally Scenario for Late October and Q4
Towards the month’s end, Ash Crypto foresees a change in direction, potentially leading to a breakout driven by increased short positions. This could elevate Bitcoin to a range of $150,000–$180,000 and Ethereum to $8,000–$12,000. He sees high momentum potential for the year’s final quarter and suggested that certain altcoins might target returns of 10 to 50 times.
Historical data from CoinGlass indicates a 73% likelihood of a positive resolution for Bitcoin in October, with an average gain of around 29%. In 10 of the last 12 years, Bitcoin ended October on a positive note. Notable monthly increases of 28.5% in 2023 and 10.8% in 2024 were observed. Many analysts, alongside Ash Crypto, cite seasonal and sentiment impacts as foundations for rally scenarios.