For millions of crypto investors around the world, this October has turned into an unexpected stress test. Typically dubbed “Uptober” for its strong average returns, the month brought turbulence — mainly due to the escalating trade war between the U.S. and China.
During a flash crash the previous weekend, the price of the leading cryptocurrency briefly dropped to $105,000, while Ethereum corrected to around $3,500. Now, however, early signs of recovery are emerging.
At the time of writing, Bitcoin trades at $110,480, up 3.2% from the previous day. Ether rose 3.8% to $4,050, and XRP gained 3.7%, trading at $2.44.
“I believe Bitcoin has found its bottom,” said Peter Chung from Presto Research in an interview with Decrypt.
“I expect the next move to be upward rather than downward.”
Meanwhile, the geopolitical outlook is easing. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Malaysia to reduce tensions. Later this month, Presidents Donald Trump and Xi Jinping are scheduled to meet at a summit.
In addition, the Federal Reserve’s plan to end quantitative tightening (QT) — which involves reducing the central bank’s balance sheet — could have positive effects on the crypto market.
Signs of improved sentiment are also visible in the Fear and Greed Index, which has rebounded to 29. However, investor “fear” still dominates.
Despite the challenging backdrop, this moment could represent an attractive entry point for Bitcoin. As the head of OKX Europe puts it: “People think the train has left the station.”
If you’re looking to expand your Bitcoin holdings, check out OKX — one of the exchanges featured in our FORECK.INFO list of the best crypto trading platforms.
The exchange offers low fees, deep liquidity, and instant deposits, making it one of the most efficient choices for both active traders and long-term BTC investors