October is traditionally considered a positive month for cryptocurrencies, especially Bitcoin, earning the nickname "Uptober" due to sustained price growth. The influence of social media is also growing, and figures like Elon Musk and Donald Trump can trigger volatility in the crypto market.
Recently, Elon Musk, head of Tesla and X, announced that he will participate in Donald Trump's rally in Butler, Pennsylvania. This move by Musk, who wields enormous influence on social media, could attract investors' attention and boost activity in the cryptocurrency market.
It is also worth noting that Butler is the location where Trump survived an assassination attempt in July, adding additional significance to the event. Investors tend to react to such socio-political events, and Musk's participation in this rally could significantly impact the behavior of cryptocurrency market participants.
CryptoQuant CEO Ki Young Ju emphasized that social media is playing an increasingly important role in shaping financial markets, referring to figures like Elon Musk as "prophets" capable of influencing asset prices through their audience. Thus, the upcoming rally could become a catalyst for cryptocurrency growth in October, especially for Bitcoin.
Musk's close ties with cryptocurrencies through his projects and statements could cause sharp market changes, especially in light of his active involvement in political and economic discourse.
