Analysts have released their predictions for October Bitcoin (BTC) price has gone past the $28,000 mark. The cryptocurrency is currently on an upward trajectory in October, fueling hopes for a productive month.
Analysts predict a bullish run for the Bitcoin price in October
The month of October is also called Until in the crypto community has always been a bullish month for Bitcoin with a lot of gains. The cryptocurrency has always ended October with a profit, 8 out of 10 times since 2013.
According to crypto analyst Miles Deutscher, October was one of the best performing months for Bitcoin. The crypto analyst marked this in a post on X (formerly Twitter), along with a graph of Bitcoin’s average monthly performance.
“Historically, October + November are the best performing months for #Bitcoin,” said Miles.
Another crypto analyst who is also optimistic about Bitcoin this October is Michael Van De Poppe. The crypto analyst believes that reaching the $40,000 mark for Bitcoin is reasonable due to an excellent fourth quarter of 2023 driven by a Spot Bitcoin ETF approval and the pre-halving rally.
“Welcome to Uptober. Welcome to the fourth quarter, which is shaping up to be a banner quarter, possibly fueled by ETF approvals and the pre-halving rally. Potential #Bitcoin to $40,000 is reasonable.” Michael after read on X.
Welcome to Uptober.
Welcome to the fourth quarter, which is shaping up to be a banner quarter, possibly fueled by ETF approvals and the pre-halving rally.
Possibly #Bitcoin up to $40,000 is reasonable.
— Michaël van de Poppe (@CryptoMichNL) October 1, 2023
Crypto traders are also well prepared for Uptober as Bitcoin experiences its first ever green status in September, which is the strongest Bitcoin has experienced since 2016. This pivotal move of Bitcoin in September sets the pace for October (Uptober).
Crypto trader Ran Neuner too pointed out the last time Bitcoin was on an upward trajectory in September and the positive effect of this major move, along with a yearly chart of Bitcoin on a post on X yesterday, October 1, 2023.
Additionally, on-chain analytics company Santiment recently revealed on
According to the analytics firm, the whales and sharks addresses have been quietly accumulating Bitcoin and Tether over the past six weeks.
BTC holders are on the rise
The expectations of approval of a Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) have since had a positive effect on the BTC price. The crypto asset saw a significant increase in adoption in various parts of the world.
The cryptocurrency recently crossed the $27,500 resistance level and is currently trading at $28,300 at the time of writing. This shows that the cryptocurrency is slowly gaining momentum in what is known as one of the most bullish months.
Co-founder of Reflexivity Research, Will Clemente revealed Bitcoin’s Long-Term Holder (LTH) Statistics and short-term holders (STHs) at X a few days ago, as well as data on Bitcoin’s holder supply, circulating supply and customized supply.
The graph illustrated by blockchain data and intelligence company Glass junction showed that three out of four Bitcoin are currently owned by long-term holders. The percentage of BTC supply held by long-term holders of Bitcoin accounted for 76.09%, reaching an all-time high and indicating strong conviction among these “diamond hands.”
BTC breaks above $28,000 to kick off October | Source: BTCUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com