Expectations are high as Bitcoin closed its first green September in seven years. This positive performance has sparked optimism among investors and analysts, who foresee a potentially positive month ahead for the leading cryptocurrency.
Bitcoin has a history of strong bullish reversals in the month of October. Since 2013, it has finished October with gains in eight out of ten instances. This trend has fueled hopes for a positive October this year.
Miles Deutscher, who shared a graph of Bitcoin’s average monthly performance, pointed out that historically, October and November have been the highest-performing months for Bitcoin. This further bolsters expectations for a bullish October.
The crypto community is buzzing with excitement for what is colloquially known as “uptober,” the possibility of a bullish October. Analysts like Michael van de Poppe are optimistic about both October and the following quarter, predicting that Bitcoin could reach $40,000. Van de Poppe attributes this bullish sentiment to potential ETF approvals and the pre-halving surge.
Bitcoin’s recent green September is particularly significant as it is the first time in seven years that the cryptocurrency has achieved this feat. This positive September close has caught the attention of market participants, with some drawing parallels to previous pre-halving years. Ran Neurer, a crypto trader, noted that the last time Bitcoin finished up in September of a pre-halving year was in 2015, which was followed by a 70% rally in the last quarter of that year.
In addition to these positive indicators, on-chain analytics firm Santiment has reported that Bitcoin whales, or individuals who own significant amounts of Bitcoin, have been accumulating both BTC and Tether (USDT). Santiment’s data shows that whales currently hold the highest amount of Bitcoin in 2023, with 13.03 million BTC in their possession. These addresses have been quietly accumulating Bitcoin and Tether for the past six weeks. Furthermore, Tether whales have also been accumulating buying power, with wallets holding 100,000 to 10 million USDT now totaling 15.03 billion coins, the highest in six weeks.
Currently, Bitcoin remains in the green, up 0.85% in the last 24 hours to $27,162. Based on the accumulation of BTC and USDT from major wallets, Santiment expects that Bitcoin’s rally may continue in October.
Overall, the positive September performance, historical trends, and the accumulation by whales are all contributing to the growing optimism for a bullish October for Bitcoin. As the month progresses, investors and analysts will closely monitor the cryptocurrency’s price action to see if it aligns with these expectations.
