The cryptocurrency market experienced one of the biggest single-day losses in recent years with a sharp decline on Friday night. While Bitcoin (BTC) fell suddenly to $102,000 and Etheruem (ETH) fell to $3,400, altcoins saw declines exceeding 60% in just minutes. However, Bitcoin and altcoins have recovered after a massive sell-off that began on Friday and led to record liquidations in the market. This unprecedented record decline and liquidation in cryptocurrency markets brought to mind that the Uptober narrative regarding October has been invalidated. However, one analyst said that while sentiment for “October” may have been damaged, the October uptrend was still alive. Speaking to The Block, Vincent Liu, chief investment officer at Kronos Research, said markets are recovering and liquidity is starting to return as leverage ratios are readjusted and tariff concerns ease. At this point, Liu said, the panic experienced last weekend has translated into renewed risk appetite. Liu also stated that the upward trend for October remains valid, saying: Despite the weekend blow, the 'October' uptrend remains vibrant as buyers boldly bought on dips. “Investors are watching tariffs, trend lines, and dollar strength to see if BTC's rally can generate real bullish momentum.” Has the October Uptrend Been Broken? CoinW’s chief strategy officer, Nassar Achkar, shared similar views, saying that the October trend remains intact. Achkar said investors are particularly watching the upcoming US CPI data, the Fed decision and corporate ETF flows to understand whether the rally after the decline is permanent and to determine the next direction of the market. Finally, Presto Research analyst Rick Maeda also said that the October uptrend was not broken and that the collapse was due to macroeconomic reasons rather than crypto-specific reasons. “Friday’s crash was driven by macro headlines rather than anything specific to cryptocurrencies,” Maeda said. “China announced new export restrictions on rare earths. The US responded after markets closed with plans to impose 100% tariffs on tech imports from China. This triggered a massive sell-off and crash. The sell-off occurred during a period of low liquidity over the weekend, leading to billions of dollars in forced liquidations.” *This is not investment advice.