A negative ‘Uptober’ is followed by a terrible November start for Bitcoin

While tech stocks rallied on Monday, Bitcoin struggled again. Will we see a crash in November after a poor “uptober” (the first since 2018)? Warnings of an AI and crypto bubble are also growing louder.

Uptober

Historically, October is arguably the strongest month for Bitcoin, hence the well-known nickname “Uptober.” Historical data shows that there has only been one monthly loss in the past 10 years, namely in the disastrous second half of 2018.

This past October therefore broke a six-year winning streak, with a 3.70% drop from the beginning of the month to the end. This was mainly due to a new ATH being reached at the beginning of the month, followed by consolidation for the weeks that followed.

Nevertheless, there has been talk of a potential bubble in both crypto and AI for some time now, and therefore the fear of a sudden drop is growing.

Warning

Børge Brende, the current president of the World Economic Forum (WEF), also issued a stark warning this weekend. He said: “This year alone, we’ve already seen $500 billion in AI investments. So there could be rising concern about bubbles developing in the world of AI and cryptocurrencies.”