Expectations are rising as Bitcoin closes out its first green September in seven years.
Bitcoin appears to be improving in October, where it charted strong bullish reversals. The leading cryptocurrency finished October with eight out of ten times gains since 2013, raising expectations for a positive month.
Tweeting a chart of Bitcoin's average monthly performance, Miles Deutscher stated that historically, October and November have been the highest performing months for Bitcoin.
The crypto community is already buoyed by expectations for a bullish October month, colloquially known as “uptober.”
Crypto analyst Michael van de Poppe predicts that Bitcoin could reach $40,000, with bullish bets for October as well as a solid quarter fueled by ETF approvals and a pre-halving rally.
Bitcoin recorded its first green September since 2016. Last September was Bitcoin's strongest September in the last seven years.
Crypto trader Ran Neurer highlights the importance of a positive September close for Bitcoin.
#Bitcoin When the last pre-halving year was completed in September, we experienced another 70% increase in the last quarter of the year; So it was 2015, he said.
Bitcoin whales are accumulating!
The long-term outlook for Bitcoin looks bright, with whales accumulating both BTC and Tether (USDT), according to data analysis firm Santiment.
According to Santiment's weekly report, Bitcoin's whales, individuals who held 10 to 10,000 BTC, have now reached their highest holding in 2023, currently holding 13.03 million BTC.
According to Santiment, this group of users has been quietly accumulating Bitcoin and Tether for the past six weeks.
Additionally, Tether whales are accumulating purchasing power, which is a positive sign. Wallets currently holding between 100,000 and 10 million USDT hold a total of 15.03 billion tokens, a six-week high.
At the time of writing, BTC remained in the green and rose 3.37% to $27,948 in the last 24 hours. Santiment expects the rise in Bitcoin to continue in October due to accumulation from major BTC and USDT wallets.
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