Bitcoin experienced an 11% surge in price during the month of October. Although it did not surpass previous October performances, traders are predicting a major price movement as over-the-counter (OTC) exchanges aggressively acquire more Bitcoin.
Crypto trader Alex Becker confidently proclaimed on October 31 that the price of Bitcoin will skyrocket, citing the massive amounts of Bitcoin being purchased OTC by institutions. Similarly, the pseudonymous crypto trader The Bitcoin Therapist mentioned that rumors are circulating about OTC desks running low on Bitcoin, hinting at an impending squeeze.
Bitcoin trader Magoo PhD also noted the tightening supply of Bitcoin to their 49,300 followers. Becker further elaborated that once institutions have acquired enough Bitcoin, they will publicize news about a new all-time high, causing a rush of retail investors to platforms like Coinbase where the supply will be depleted.
Despite nearing its all-time high of $73,679 set in March, Bitcoin failed to generate increased investor interest, with search traffic remaining low compared to topics like “artificial intelligence” since October 23.
Dubbed as “Uptober,” Bitcoin’s price began the month at $65,634 and closed at $72,335 on October 31, marking an 11% increase. However, this growth was below the historical average of 22% for October since 2013.
Initial concerns about the Uptober narrative not playing out were raised when Bitcoin’s price dipped below $60,000 on October 11, reaching $59,407. Nevertheless, by October 29, it had surpassed the $70,000 mark for the first time since June 7.
As of the time of writing, Bitcoin was trading at $69,547. It is essential to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any financial decisions.