October started off decent, ending September at around 66k, but then boom, heavy drop. Feels like a trap, I thought we’d bounce back to 60k. Still holding on, though. Gonna stay bullish.
Is October Just a Bitcoin Trap?
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shard_2013Full Member
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#2Jan 26, 2017, 11:07 PM
Saw lots of chatter about October being a trap since the first day was bearish. I mean, come on, one day doesn't define the whole month. Just look at history, Bitcoin can surprise us.
Kinda feeling it might just be a trap. October could end up being bullish, but there’s a real chance we see Bitcoin dip below 60k again if something bad happens.
Yup, definitely gonna check the price history for October. Could be bullish, but outside factors like US elections might play a role. If they go well for Bitcoin supporters, we might see new highs.
kevin_atlasFull Member
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#5Jan 27, 2017, 05:08 AM
I predict some wild volatility by year’s end. Doesn’t mean we’re definitely going down, just expect ups and downs. Might see a bounce soon, but there’s still a chance of hitting 55k again.
Welcome to Downtober, folks! A nice price drop right after missiles flew from Iran to Israel. Just a reality check. Major news can tank Bitcoin like this, so don’t fall for the hype.
nonce_cipherFull Member
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#7Jan 29, 2017, 12:50 AM
Yeah, I noticed the trap talk too. But it’s all part of the game. Price drops happen, they can be healthy corrections. But if it hits 55k, then it might scare smaller holders.
Some will panic and call it a trap. But for the calm ones, it's a chance to buy Bitcoin at a lower price. Don’t sweat it. October’s got plenty of days left.
The drop since September 30th seems like a trap, but in reality, October is generally bullish. Geopolitical issues put pressure on Bitcoin, but historically, it tends to rise.
Right at the start of the month, and it's already flipping everyone out. But the ones with strong hands will capitalize on this dip. It's a mental test.
notyourkeysNewbie
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#11Jan 29, 2017, 09:16 AM
The correction felt necessary. Blaming missiles is easy, but this was likely coming regardless. Optimism can be dangerous. Remember how September was supposed to suck?
October’s uptick last month made people hopeful, but the downturn might just be a natural correction. I think geopolitical events certainly play a part in the market reaction.
Totally agree. But let's not forget that the war between Iran and Israel could continue to affect prices. Let’s see how it really turns out this month.
quantumwolfNewbie
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#14Jan 29, 2017, 10:47 PM
You might have a point, but I’m more focused on Bitcoin’s historical performance. Countries that embrace Bitcoin, like the US or Nigeria, have a more significant impact.
Market corrections can be opportunities for new BTC buyers. And yeah, PMI data released recently isn't exactly helping investor confidence.
We’re supposed to be in ‘Uptober,’ but news is making it feel shaky. I just hope we can see some gains before the year's out. Holding strong.
nick_yieldMember
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#17Jan 30, 2017, 04:35 AM
Not a trap, just watching the recession. Energy prices are wild. They are affecting everything, Bitcoin included. It's all connected.
wallet2017Member
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#18Jan 31, 2017, 11:05 AM
The whole Iran-Israel situation is dragging the markets down, impacting everything including Bitcoin. Gold might be the safest bet right now.
mike.degenMember
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#19Jan 31, 2017, 02:03 PM
It’s early days for October, can’t jump to conclusions from just one day. Bitcoin hanging around 65.5k isn’t really that far off from where we ended September.
Lol, only two days in and we’re calling a bear market? Don’t forget, profit-taking could be happening now. Just because it’s dipping doesn’t mean the long-term story is over.