As a seasoned crypto investor with more than a decade of experience navigating the volatile digital asset market, I find myself intrigued by the latest predictions and insights circulating about Bitcoin’s potential performance this October. Historically, September has been a bearish month for BTC, but the prospect of an “Uptober” as suggested by @lookonchain and other analysts gives me hope for healthy profits.
Account @lookonchain on Analytics X platform suggests that Bitcoin traders might have a good opportunity to earn substantial returns during the autumn season this year, mirroring trends from the last decade.
It appears that October could once more bring increased activity for cryptocurrency traders, a phenomenon known as “Uptober.” But, September, following a significant drop in Bitcoin’s price, might continue to exhibit bearish trends, potentially keeping Bitcoin and the broader crypto market in a negative state.
According to the data presented by @lookonchain, Bitcoin has historically seen a drop in September, with the largest decline reaching approximately 18%, and a significant surge in October. The highest increases were recorded at around 40% and 53%.
In the past decade, Bitcoin has often seen a drop in value during September and an increase in October.
— Lookonchain (@lookonchain) September 3, 2024
Last October saw Bitcoin surge by approximately 28%, climbing from around $26,970 to $34,499. In the year 2021 alone, BTC experienced an impressive rise of nearly 41%, starting at $43,859 and peaking at $61,837. Remarkably, Bitcoin reached a record high close to $69,000 that same year, coinciding with a halving event in March 2020.
It appears that the anticipation for an uptrend in October, or “Uptober,” aligns with the optimistic viewpoint expressed by Samson Mow, CEO of JAN3 and a prominent Bitcoin advocate. He contends that although some traders believe Bitcoin will trade horizontally indefinitely, this is not accurate. Instead, Mow suggests that such periods are when Bitcoin tends to experience significant growth.
Big Bitcoin whale adds BTC to his $500 million stash
Currently, significant investors in Bitcoin, often referred to as “whales,” are increasing their Bitcoin investments, expanding their BTC holdings. Earlier today, the account @lookonchain reported that a whale with over half a billion U.S. dollars’ worth of Bitcoin made another substantial purchase of Bitcoin.
Today, he obtained around 322.37 Bitcoins, valued at roughly $19 million. Over the past five days, this individual has purchased a total of 2,322 Bitcoins worth approximately $136 million. This gives him an impressive Bitcoin holding of about $523 million, which is equivalent to 8,881 Bitcoins.
In the interim, another astute Bitcoin trader removed approximately 1,100 Bitcoins, valued at around $64.2 million, from Binance. This transfer reportedly brought in a staggering profit of about $62 million, as per the analysis by @spotonchain.
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2024-09-03 18:37