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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