Bitcoin’s price gained 11% in October, starting at $65,634 and closing at $72,335. While not reaching the historical average increase for this month, traders anticipate a significant price movement due to apparent supply shortages in the OTC market. Experts like Alex Becker and others indicate bullish sentiments, suggesting an imminent price surge as institutions continue to acquire Bitcoin.

In the month of October, the price of Bitcoin experienced a notable increase of 11%, rising from $65,634 at the start of the month to $72,335 by October 31. Despite this rise, which reflects a solid performance, it does not quite reach the historical average growth of 22% typically observed in previous Octobers since 2013. Traders are expressing optimism regarding future price movements, asserting that significant shifts may soon occur as over-the-counter (OTC) exchanges are reportedly facing depletion in Bitcoin supply. Investor sentiment was influenced by comments from crypto trader Alex Becker, who stated, “Price will go nuclear. It’s planned,” attributing this notion to the substantial volume of Bitcoin being acquired through OTC transactions by institutions. Similarly, pseudonymous trader The Bitcoin Therapist echoed that, “rumors are circulating OTC desks are running dry on Bitcoin, and a squeeze is coming,” suggesting that market conditions are aligning for a potential price surge. Bitcoin’s journey this month has not been without its challenges; on October 11, its value dipped below the crucial $60,000 mark, indicating a 7% downturn within a span of four days. However, the cryptocurrency regained momentum, surpassing the $70,000 threshold by October 29. As of the latest update, Bitcoin’s trading price stands at $69,547, remaining below its all-time high of $73,679 set in March.

Bitcoin, the leading cryptocurrency by market capitalization, has a historical pattern of significant price movements during the month of October, often referred to in the crypto community as “Uptober.” Traditionally, this month has yielded notable returns, averaging a growth of 22% since 2013. Market analysts and traders closely monitor trends in Bitcoin’s price, especially as institutional interest and OTC transactions can heavily influence supply dynamics. With increasing concerns about supply shortages, the discourse surrounding Bitcoin’s future pricing remains fervent, particularly as recent events have seen fluctuations in its value, prompting speculation about an upcoming rally.

In conclusion, October has witnessed an 11% increase in Bitcoin’s price, short of its historical average yet preceded by significant trading activities from institutions. As many traders are bullish on the prospects of Bitcoin, citing trends in OTC supply depletion, the market remains poised for potential price surges in the near future. The commentary from experts highlights a consensus regarding upcoming volatility, making the current trends particularly noteworthy for investors and market observers alike.

Original Source: cointelegraph.com

Related posts:

Bitcoin Experiences Significant Price Decline Amid Economic Data and Fed Commentary Is the Bitcoin Price Correction Over After $300M Liquidations Amid US Jobs Data Concerns? Three Reasons for the Decrease in Shiba Inu and Dogecoin Prices Today Dogwifhat Price Decline Amidst Competition as Crypto All-Stars Achieves $1 Million in Presale Revenue