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Bitcoin appears to be on the mend in October, a month noted for depicting strong bullish reversals. Since 2013, the lead cryptocurrency has finished October with gains eight out of ten times, fueling prospects for a positive month.
Miles Deutscher, who tweeted a graph of Bitcoin's average monthly performance, stated that historically, October and November have been the highest-performing months for Bitcoin.
Already, the crypto community is revving up with expectations of a bullish October, colloquially known as "uptober."
Michael van de Poppe, a crypto analyst, is bullish on October as well as a solid quarter that might be spurred by ETF approvals and the pre-halving surge, predicting that Bitcoin could reach $40,000.
Bitcoin just recorded its first green September since 2016. This past September marked the strongest one Bitcoin has seen in the last seven years.
Ran Neurer, a crypto trader, highlights the significance of the positive September close for Bitcoin.
"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 noted.
Bitcoin whales accumulating
According to on-chain analytics firm Santiment, the long-term outlook seems bright for Bitcoin, with whales amassing both BTC and Tether (USDT).
In the week, Santiment reported that Bitcoin's sharks and whales, or individuals who own 10 to 10,000 BTC, have now accumulated to their highest amount held in 2023, now 13.03 million BTC.
This category of addresses, according to Santiment, has been quietly accumulating Bitcoin and Tether again for the past six weeks.
Additionally, Tether sharks and whales are accumulating buying power, which is also bullish. Wallets with 100,000 to 10 million USDT now have 15.03 billion total coins, a six-week high.
BTC remained in the green at the time of writing, up 0.85% in the last 24 hours to $27,162. Santiment expects that Bitcoin's rally might continue in October, based on the accumulation from major BTC and USDT wallets.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team