Analysts Maintain Bullish Outlook for ‘Uptober’ Despite Record Crypto Liquidations

Quick Breakdown 

• Analysts say the crypto market remains resilient despite record liquidations last week.
• Experts expect short-term volatility but maintain a bullish long-term outlook.
• Historical October trends, policy shifts, and easing trade tensions support a potential market rebound.

Crypto market holds firm after record liquidations

Despite facing one of the largest liquidation events in crypto history last week, analysts believe the markets remain on track for a bullish October — a month traders fondly call “Uptober.”

Crypto investor and podcaster Scott Melker admitted he anticipated a deeper downturn following the massive sell-off, but the market’s resilience has been surprising.

After the largest liquidation in crypto history, I expected October to be deep in the red. Somehow, it’s still holding on. Which honestly feels like a small miracle.

Let’s get this out of the way: I don’t think we’re entering a bear market.

If I wanted to argue that, I could -…

— The Wolf Of All Streets (@scottmelker) October 14, 2025

“After the largest liquidation in crypto history, I expected October to be deep in the red,” Melker said on Wednesday. “The markets are still holding on, which honestly feels like a small miracle. I don’t think we’re entering a bear market.”

Following the weekend crash, total crypto market capitalization quickly rebounded to reclaim the $4 trillion mark before cooling off as Bitcoin (BTC) fell below $111,000 again on Tuesday.

Melker noted that unlike previous market crashes triggered by external shocks such as major regulatory changes, China’s mining ban, or FTX’s collapse, last week’s event was purely “structural,” forcing investors to “reprice risk and rethink what’s actually possible.”

Historical patterns support the ‘uptober’ narrative

Historically, October has been one of Bitcoin’s strongest months. The leading cryptocurrency has posted gains in 10 of the past 12 Octobers. Despite being down 0.6% so far this month, historical data suggests the second half could deliver significant upside.

In previous years, Bitcoin surged 16% after mid-October in 2024, 29% in 2023, and 18% in 2020 during the same period. Melker also pointed to gold’s recent rally to an all-time high, noting that a rotation of capital from gold to Bitcoin often follows such moves.

Trade and policy factors may reinforce uptober momentum

The recent trade tariff concerns that triggered part of the sell-off appear to be easing after confirmation that U.S. President Donald Trump and China’s President Xi Jinping will meet to discuss trade.

“Trade conflict is not a zero-sum game; both parties ultimately seek larger shares of the gains,” Sun said. “The eventual outcome is likely to be more moderate than current sentiment implies.”