🚀 Bitcoin surpasses $28,400 for the first time since mid-August, sparking investor optimism that the "Uptober" has arrived. Data shows that BTC wallets have accumulated billions of dollars over the past month, which could push prices even higher.
💡 Experts also expressed similar views saying that the leading cryptocurrency has risen to a 6-week high.
🔍 Accumulate Bitcoin
According to Santiment's latest analysis, Bitcoin wallets holding between 10-10,000 BTC did not participate in direct transactions or use their coins as collateral. Since September 1, these wallets have collected a total of 415,000 BTC, worth about $1.17 billion. This accumulation takes place in the context of slow price fluctuations.
The crypto analytics platform also suggests that a return to a market value of $30,000 for Bitcoin is increasingly possible.
However, if these wallets begin to liquidate their holdings, this could threaten the current bullish trend, putting it at risk of a reversal.
🍂 Uptober has arrived?
"Uptober" is a historical trend that shows October is typically a favorable month for the price performance of Bitcoin and other digital assets. Based on CoinGlass data, October has only recorded negative monthly interest rates twice since 2013.
This trend was confirmed by Bitcoin's sudden rise above US$28,400, pushing weekly gains by nearly 10%. This price action has resulted in over $97 million in BTC being liquidated in the past 24 hours.
Despite some negative predictions, experts say the race will continue throughout October, a historically favorable month for the cryptocurrency market.
💡 Experts also expressed similar views saying that the leading cryptocurrency has risen to a 6-week high.
🔍 Accumulate Bitcoin
According to Santiment's latest analysis, Bitcoin wallets holding between 10-10,000 BTC did not participate in direct transactions or use their coins as collateral. Since September 1, these wallets have collected a total of 415,000 BTC, worth about $1.17 billion. This accumulation takes place in the context of slow price fluctuations.
The crypto analytics platform also suggests that a return to a market value of $30,000 for Bitcoin is increasingly possible.
However, if these wallets begin to liquidate their holdings, this could threaten the current bullish trend, putting it at risk of a reversal.
🍂 Uptober has arrived?
"Uptober" is a historical trend that shows October is typically a favorable month for the price performance of Bitcoin and other digital assets. Based on CoinGlass data, October has only recorded negative monthly interest rates twice since 2013.
This trend was confirmed by Bitcoin's sudden rise above US$28,400, pushing weekly gains by nearly 10%. This price action has resulted in over $97 million in BTC being liquidated in the past 24 hours.
Despite some negative predictions, experts say the race will continue throughout October, a historically favorable month for the cryptocurrency market.