Oh, the jaded Bitcoin bulls had grand plans for this month-truly, a time of reckoning! 🤷♂️ However, “Uptober” turned into “Floptober,” and the leading cryptocurrency is now on track to score its first October in the red since 2018. A triumph of despair! 😱
The cryptocurrency reached an intraday low of $110,020 earlier this Wednesday, CoinGecko data shows. A dismal figure, if you’ll pardon the pun. 📉
According to Polymarket bettors, the odds of the leading cryptocurrency surpassing $130,000 this month currently stand at 0%. A zero! A void! A metaphor for hope itself. 🙃
There is also a 3% chance that Bitcoin will plunge below $100,000 this month. A 3% chance-enough to make a pessimist weep into their coffee. ☕
Why did ‘Uptober’ flop?
The cryptocurrency started the month on a high note, surging to a new record high. A fleeting glory, it seems. 🎉
However, things quickly turned south for the bulls due to an escalation in trade tensions between the US and China. A diplomatic disaster, if you will. 🇺🇸🇨🇳
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. A financial apocalypse, perhaps? 🌪️
Bitcoin’s plunge undercut the safe-haven narrative, and the cryptocurrency continued to underperform gold. A sorry state of affairs for a digital asset that once claimed to be the future. 🏛️
Even though the trade tensions between the two superpowers have now diffused, Bitcoin has struggled to recover. A victim of its own hype, no doubt. 💸
Pessimistic 2025 predictions
Will the bulls be back in the driver’s seat this year? Polymarket bettors do not think so. A bleak outlook, indeed. 😞
In fact, only 46% of them think that Bitcoin will top $130,000 during the remaining two months. A mere 46%-enough to keep the flame of hope alive, but barely. 🔥
In the meantime, there is only a 14% chance of BTC topping $150,000 this year. A 14% chance! A statistic so small, it’s practically a miracle. 🤯
That said, “Rich Dad Poor Dad” author Robert Kiyosaki is still convinced that Bitcoin is on track to surpass $250,000 this year. A man of faith, perhaps, but also a man with a book to sell. 📚
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2025-10-30 00:41