Bitcoin price has seen a slight rebound to $109,600 following yesterday’s dip to $106,000, marking the end of a tumultuous October for the cryptocurrency. Traders are exhibiting a cautious optimism as the market shifts from the unsuccessful “Uptober” rally to the historically more robust month of November. Yesterday, Bitcoin experienced a decline of more than 3% as a result of heightened risk-off sentiment triggered by Federal Reserve Chair Jerome Powell’s hawkish remarks regarding potential future rate cuts, alongside escalating U.S.–China trade tensions. The dip marked the continuation of a week-long decline that started following the Fed’s modest 25 basis point cut, while also indicating uncertainty for the upcoming December meeting.
Bitcoin’s price performance in October fell short of expectations. Bitcoin kicked off October with optimistic expectations for “Uptober,” a seasonal trend that has historically brought double-digit gains. At the beginning of the month, Bitcoin saw a brief surge to $125,000, but subsequently retraced a significant portion of those gains due to macroeconomic concerns and sluggish institutional engagement. On October 10, bitcoin experienced a significant decline, plummeting to the $108,000 range from $117,000 as escalating U.S.-China trade tensions and the introduction of new tariffs sparked a widespread market sell-off. Bitcoin experienced a significant dip, plummeting approximately 10% on that particular day, while other cryptocurrencies faced even steeper declines of 20–40%. However, it later made a notable recovery, bouncing back to around $113,000 amidst considerable volatility.
Strategy, recognized as one of the largest Bitcoin accumulators, acquired a mere 778 BTC in October — a significant decline of 78% from September — elevating its total holdings to over 640,000 BTC. Altcoins reflected Bitcoin’s challenges this month. Ethereum occasionally dropped beneath $3,790, with Solana also sliding below $187. In the face of current weakness, Bitcoin dominance holds firm at approximately 57%, indicating that the market appears to be consolidating rather than experiencing a capitulation. As we look forward, traders are setting their sights on November — often referred to as “Moonvember” — a month that has historically seen robust performances following a strong October.
Amidst ongoing macroeconomic challenges, certain analysts are optimistic about Bitcoin’s prospects, suggesting it could revisit its all-time highs by 2026, provided there is stable guidance from the Fed, a resurgence of inflows, and no unforeseen disruptions. Bitcoin has been trading within a remarkably narrow range of $106,000 to $123,000 for more than four months, resulting in record-low volatility. This pattern has historically been a precursor to significant trending movements. If historical fractals hold true, Bitcoin might experience substantial increases, potentially reaching $170,000–$180,000 by 2026. However, sideways trading could continue until macroeconomic triggers such as Fed rate cuts or capital rotation ignite fresh volatility.