Bitcoin Struggles in October Amid Geopolitical Tensions, Analysts Hope for Recovery
Bitcoin (BTC) has had a difficult start to October, typically a bullish month, largely due to rising geopolitical tensions in the Middle East.
Despite this, there is hope for recovery as the month progresses.
Historically, October has averaged a 21.2% return for Bitcoin since 2013. However, this year, BTC dipped below $60,000 before recovering to approximately $61,800, leading to massive liquidations.
In the last week, Bitcoin fell by 6.9%, with Ethereum down 11.2%, Solana (SOL) down 10.9%, and BNB down 9.9%. Data shows that Bitcoin typically gains later in October, with only one positive October 1 since 2013.
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The recent fourth Bitcoin halving in April 2024 and U.S. Federal Reserve interest rate cuts in September are usually bullish signs. However, geopolitical uncertainties and upcoming U.S. presidential elections have overshadowed this positivity.
Despite challenges, some analysts remain optimistic. A Standard Chartered analyst considers the dip below $60,000 a buying opportunity, while Markus Thielen from 10x Research anticipates a crypto rally in Q4 2024, driven by decreasing Bitcoin dominance and rising Ethereum gas fees.
Conversely, BitMEX co-founder Arthur Hayes warns that interest rate cuts might trigger a short-term market crash. Currently, Bitcoin is trading at around $62,000, down 5.5% on the weekly chart.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
