Bitcoin Price Expected to Surge in October
Analysts are optimistic about the price of Bitcoin (BTC) in October as it surpasses the $28,000 mark. Historically, October has been a bullish month for Bitcoin, with gains recorded in 8 out of 10 years since 2013.
Analysts Predict a Bullish Run for Bitcoin
Crypto analysts like Miles Deutscher and Michael Van De Poppe have shared their bullish predictions for Bitcoin in October. Deutscher highlighted that historically, October and November have been the best performing months for Bitcoin. Van De Poppe believes that Bitcoin could reach $40,000 this month due to factors like ETF approvals and the pre-halving rally.
Uptober Sets Positive Tone for Bitcoin
The positive momentum from September, where Bitcoin experienced its first ever green month since 2016, has set the stage for a promising October (also known as Uptober) for crypto traders. This upward trajectory in September has been seen as a significant move that could potentially drive further gains in October.
Accumulation by Whales and Sharks
Santiment, an on-chain analytics firm, revealed that whales and shark holders have accumulated up to 13.03 million BTC in 2023. This accumulation by large holders presents a positive long-term outlook for Bitcoin.
Spot Bitcoin ETF Approval Impact
The expectation of a Spot Bitcoin ETF approval by the SEC has had a positive effect on the BTC price. The cryptocurrency has gained adoption globally and recently surpassed its resistance level of $27,500.
Strong Conviction Among Long-Term Holders
Data from Glassnode shows that three out of four Bitcoins are currently held by long-term holders. This indicates strong conviction and confidence in the cryptocurrency among these long-term investors.
Hot Take: Bitcoin’s October Surge Fuels Optimism for Q4
The surge in Bitcoin’s price in October has sparked optimism among analysts and traders. With a history of gains in this month, coupled with factors like ETF approvals and accumulation by large holders, Bitcoin is expected to continue its upward trajectory. The positive momentum from September sets a promising tone for the final quarter of the year, with the potential for significant growth. As Uptober unfolds, all eyes are on Bitcoin as it aims to reach new milestones and potentially break the $40,000 mark.
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