As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market trends and cycles. The recent surge in Bitcoin’s price has piqued my interest, especially given the optimistic predictions from traders.
In October, the value of Bitcoin rose by approximately 11%. Although this increase doesn’t match its growth in past Octobers, market analysts predict that a substantial change in price could occur soon, as there is increased demand among off-exchange trading platforms (OTC exchanges) for additional Bitcoins.
Alex Becker, a crypto trader, forecasted that the price will skyrocket significantly, he affirmed this on October 31st, citing the “extraordinary quantities of Bitcoin being purchased Over-The-Counter (OTC) by institutions in unprecedented amounts.
Bitcoin ‘squeeze is coming’ says traders
Echoing a similar sentiment, pseudonymous crypto trader The Bitcoin Therapist stated that “rumors are circulating OTC desks are running dry on Bitcoin, and a squeeze is coming.”
“Supply is getting tight,” Bitcoin trader Magoo PhD told their 49,300 X followers.
According to Becker, once there’s sufficient supply, they will broadcast news of a record-breaking Bitcoin high, causing a rush to platforms like Coinbase, where the stock may already be sold out.
On October 30th, CryptoMoon announced that Bitcoin is approaching its record high of $73,679, which was set in March. However, investor enthusiasm seems to be similar to normal levels. Compared to the surge in traffic for “artificial intelligence” since October 23rd, Bitcoin search interest has only generated a modest amount of attention.
‘Uptober’ concerns at the beginning of the month
Between October 1st and October 31st, the value of Bitcoin (BTC) rose around 11%, starting at $65,634 and ending at $72,335, as per TradingView’s data.
In contrast, the performance has not reached the usual 22% increase seen during October months from 2013 onwards.
At the start of October, there was apprehension that the “Uptober” trend might not materialize as previously thought. On October 11th, Bitcoin‘s value dropped beneath the significant $60,000 mark, reaching $59,407, which equates to a 7% decrease over a four-day period.
However, by Oct. 29, it had reclaimed the $70,000 mark for the first time since June 7.
At the time of publication, Bitcoin is trading at $69,547.
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2024-11-01 09:08