Bitcoin, the pioneer of the cryptocurrency world, has built a successful period by gaining profits in eight out of ten October months since 2013. While this success created excitement in the cryptocurrency community, experts evaluated potential rises for this month.
October is historically considered a very important month for Bitcoin. Analysts and experts state that this month is one of the highest performing months for Bitcoin. The rises and growth trends experienced in the past years make October a positive period in the cryptocurrency market.
Miles Deutscher announced that October and November were the most successful months for Bitcoin, based on historical data. The activity in the market during these periods attracts the attention of investors and can affect the price of Bitcoin upwards.
Historically, October + November are the best performing months for #Bitcoin. pic.twitter.com/JvNKqrZFlZ
NEWS CONTINUES BELOW— Miles Deutscher (@milesdeutscher) October 1, 2023
The crypto community has already raised its expectations with October data known as “uptober.”
In addition, analyst Michael van de Poppe predicted that Bitcoin could reach the $40,000 level in the near future, further strengthening October’s bullish potential. Van de Poppe also thinks that ETF approvals and the pre-halving rally could create a strong quarter for BTC.
Bitcoin whales on the move
In addition, analysis firm to Santiment The long-term outlook for Bitcoin looks bright, with whales accumulating both BTC and Tether (USDT).
On September 29, Santiment reported that Bitcoin sharks and whales (individuals holding 10 to 10,000 BTC) reached the highest amount in 2023, namely 13.03 million BTC. According to Santiment, this category of addresses has been quietly accumulating Bitcoin and Tether for the past six weeks. Tether accumulation can be considered a sign of purchasing power, which is a bullish signal. Wallets with 100,000 to 10 million USDT hold 15.03 billion tokens, a six-week high.
Santiment expects the rise in Bitcoin to continue in October due to accumulation from major BTC and USDT wallets.
You can follow the current price movement here.