CryptoBitcoinBitcoin's 'Uptober' Expected to Drive Gains as September Remains Bearish

Bitcoin’s ‘Uptober’ Expected to Drive Gains as September Remains Bearish

Recent analysis from @lookonchain highlights a promising trend for Bitcoin traders this fall, suggesting a strong potential for profits akin to patterns observed over the past decade. The data indicates that while September has started with a significant decline in Bitcoin’s value, the trend may reverse in October, a period historically known for substantial gains in the cryptocurrency market.

According to the data, Bitcoin has consistently experienced a drop in September—sometimes exceeding 18%—but has often rebounded sharply in October with gains ranging between 27.92% and 53% in the last ten years. For example, last October, Bitcoin surged by 27.92%, climbing from $26,970 to $34,499. In 2021, the cryptocurrency saw an impressive increase of 40.99%, rising from $43,859 to $61,837. This followed a period of notable growth, including a peak nearing $69,000, influenced by the Bitcoin halving in March 2020.

This pattern supports the current bullish outlook voiced by Samson Mow, CEO of JAN3 and a Bitcoin advocate. Mow dismisses the notion that Bitcoin will stagnate, asserting that periods of apparent stagnation often precede significant upward movements.

@lookonchain reports that a major Bitcoin whale, with holdings valued at over $500 million, recently acquired an additional 322.37 BTC, worth approximately $19 million. Over the past five days, this whale has purchased a total of 2,322 BTC, amounting to $136 million, bringing their total holdings to approximately $523 million, or 8,881 BTC.

Additionally, @spotonchain reveals that another savvy investor withdrew 1,100 BTC, valued at $64.2 million, from Binance, securing a profit of $62 million.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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