Bitcoin Jumped 10% in October Amid Bull Run
In October, the price of Bitcoin rose by 11%. While this increase didn’t match some of its strongest Octobers in previous years, traders anticipate a major price move as over-the-counter (OTC) exchanges face increased demand for Bitcoin.
“Price will go nuclear. It’s planned,” stated crypto trader Alex Becker on October 31, pointing out the “absolutely absurd amounts of Bitcoin being bought OTC by institutions.”
Reflecting similar views, pseudonymous crypto trader The Bitcoin Therapist noted that “rumors are circulating OTC desks are running dry on Bitcoin, and a squeeze is coming.”
“Supply is getting tight,” added Bitcoin trader Magoo PhD to their 49,300 followers on X.
“When they have enough, they will have the media blast news about a new Bitcoin all-time high. Retail will then flock to Coinbase, where there will be no supply left,” Becker suggested.
While Bitcoin approached its all-time high of $73,679 set in March on October 30, investor interest has remained relatively steady.
Since October 23, search interest in Bitcoin generated only a fraction of the traffic seen by “artificial intelligence.”
Bitcoin began the month at $65,634 and closed at $72,335 on October 31, marking an 11% gain, based on TradingView data.
However, this increase fell short of Bitcoin’s average October growth of 22% since 2013.
At the start of the month, some traders were concerned that October’s “Uptober” narrative might not hold true this time.
On October 11, Bitcoin dropped below the critical $60,000 level, reaching $59,407, marking a 7% decline over four days.
By October 29, however, it had reclaimed the $70,000 level for the first time since June 7.
As of the latest data, Bitcoin is trading at $69,547.
Sources:
https://x.com/ZssBecker/status/1852031405355676065
https://x.com/TheBTCTherapist/status/1852148351849976077
https://x.com/HodlMagoo/status/1851666962880893397
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