In October, a month known for showing significant positive reversals, Bitcoin seems to be recovering. Eight out of ten times since 2013, the top cryptocurrency has ended the month with gains, boosting hopes for a prosperous month.
According to Miles Deutscher, who tweeted a graph showing the average monthly performance of Bitcoin, historically, the two best performing months for Bitcoin have been October and November.
https://x.com/milesdeutscher/status/1708364493519274272?s=20
Already, the cryptocurrency world is anticipating a bullish October, sometimes known as “uptober.”
Bitcoin might hit $40,000, according to cryptocurrency expert Michael van de Poppe, who is positive on October and a strong quarter that could be fueled by ETF approvals and the pre-halving rise.
Recently, Bitcoin experienced its first profitable September since 2016. The greatest month for Bitcoin in the previous seven years was September of last year.
Crypto trader Ran Neurer emphasises the importance of Bitcoin’s successful September closure.
“The last time Bitcoin finished up in September of a pre-halving year, we had another 70% rally in the last quarter of the year—that was 2015,” he said.
Bitcoin whales accumulating
The long-term prospects for Bitcoin are promising, says on-chain analytics company Santiment, as whales collect both BTC and Tether (USDT).
Santiment stated that within the last week, Bitcoin’s sharks and whales, or those who possess between 10 and 10,000 BTC, had gathered to their largest amount held in 2023, which is currently 13.03 million BTC.
Santiment claims that for the previous six weeks, this group of addresses has been covertly reaming up Bitcoin and Tether.
Tether whales and sharks are also increasing their purchasing power, which is equally optimistic. 15.03 billion total coins are currently in wallets holding 100,000 to 10,000,000 USDT, a six-week high.
At the time of writing, BTC was still up, rising 0.85% over the previous day to $27,162. Taking into account the accumulation from significant BTC and USDT wallets, Santiment anticipates that the Bitcoin rise may continue in October.
