Bitcoin (BTC) Price in October Heralded by This Historical Pattern

Bitcoin (BTC) Price in October Heralded by This Historical Pattern
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Bitcoin appears to be improving in October, a month that is known for representing strong bullish swings. Since 2013, the leading cryptocurrency has ended October with gains eight out of ten times, fueling prospects for a positive month.

Miles Deutscherwho tweeted a graph of Bitcoin’s average monthly performance, stated that historically, October and November have been the highest performing months for Bitcoin.

The crypto community is already revving up with expectations of a bullish October, colloquially known as “uptober.”

michael van de poppea crypto analyst, is bullish on October as well as a strong quarter that could be boosted by ETF approvals and the pre-halving surge, and predicts Bitcoin could hit $40,000.

Bitcoin just recorded its first green September since 2016. Last September marked the strongest Bitcoin has seen in the last seven years.

Ran Neurera cryptocurrency trader, highlights the importance of the positive September close for Bitcoin.

“The last time Bitcoin ended in September of a year before the halving, we had another 70% rally in the last quarter of the year, that was in 2015,” he noted.

Bitcoin whales piling up

According to on-chain analytics firm Santiment, the long-term prospects look bright for Bitcoin as whales accumulate both BTC and Tether (USDT).

In the week, feeling reported that Bitcoin sharks and whales, or individuals holding 10 to 10,000 BTC, have now accumulated their largest amount in 2023, now 13.03 million BTC.

This category of addresses, according to Santiment, has been quietly accumulating Bitcoin and Tether again over the past six weeks.

Additionally, sharks and whales are accumulating purchasing power, which is also bullish. Wallets with between 100,000 and 10 million USDT now hold a total of 15.03 billion 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 hopes that Bitcoin’s rally can continue in October, based on the accumulation of major BTC and USDT wallets.

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