Bitcoin experienced an 11% surge in price during the month of October. Although it did not reach the same levels as previous Octobers, traders are predicting a significant price movement on the horizon as over-the-counter (OTC) exchanges are scrambling to acquire more Bitcoin.
On October 31, crypto trader Alex Becker confidently stated, “Price will go nuclear. It’s planned,” referring to the large amounts of Bitcoin being purchased by institutions through OTC channels. Similarly, the pseudonymous crypto trader The Bitcoin Therapist suggested that a “squeeze is coming” as rumors circulate that OTC desks are running out of Bitcoin.
Bitcoin trader Magoo PhD also noted the tightening supply, informing their 49,300 followers. Becker further added that once institutions have acquired enough Bitcoin, the media will announce a new all-time high, causing retail investors to rush to platforms like Coinbase where there will be a shortage of supply.
Despite nearing its all-time high of $73,679 set in March, Bitcoin has not seen a significant increase in investor interest. Search interest for Bitcoin has been minimal compared to the attention received by “artificial intelligence” since October 23.
Starting the month at $65,634, Bitcoin closed at $72,335 on October 31, marking an 11% increase according to TradingView data. However, this growth is lower than the historical average of 22% for the month of October since 2013.
There were initial concerns at the beginning of the month that the anticipated “Uptober” narrative might not unfold as expected. Bitcoin’s price briefly dropped below $60,000 on October 11, hitting $59,407, which represented a 7% decline over four days. Nevertheless, by October 29, Bitcoin had surpassed the $70,000 mark for the first time since June 7.
As of the time of writing, Bitcoin is trading at $69,547. It is important to note that this article does not offer investment advice. All investment decisions involve risks, and readers should conduct their own research before making any decisions.