Bitcoin approaches $28,000, closing the week in the green with an impressive gain of more than 6%, the market also closed September with a profit of nearly 4%.
BTC price chart – 1 week | Source: TradingView
Bitcoin and Altcoins
Bitcoin looks set to recover in October, a month often noted for strong price increases. Since 2013, the leading cryptocurrency has ended October with an eight-tenths increase, boosting the outlook for a positive month.
Miles Deutscher has tweeted a chart of Bitcoin's average monthly performance, claiming that in the past, October and November have been the best performing months for Bitcoin.
Source: Miles Deutscher
Currently, the community is eagerly awaiting an October price increase, commonly known as an “uptober”.
Analyst Michael van de Poppe is also bullish on October as well as a solid quarter that could be fueled by ETF approvals and a pre-halving rally, predicting that Bitcoin could hit $40,000.
Bitcoin just recorded its first green September since 2016, marking the strongest September Bitcoin has seen in the past 7 years.
Trader Ran Neurer highlights the importance of September's positive close for Bitcoin.
“The last time Bitcoin finished September of the year before the halving, we saw the market increase another 70% in the last quarter of the year, which was in 2015,” he noted.
Besides, according to data from blockchain analytics firm Santiment, the long-term outlook looks bright for Bitcoin as whales accumulate both BTC and Tether (USDT).
Over the past week, Santiment reported that Bitcoin sharks and whales, or individuals who own between 10 and 10,000 #BTC, , accumulated 13.03 million BTC, the highest in 2023.
On the altcoin side, the market rebounded strongly when BTC suddenly approached the $28,000 area.
THORChain (RUNE), Solana (SOL), Bitcoin SV (BSV), Render (RNDR) are the 4 projects recording the strongest increase in the top 100 with growth of more than 10%.
Other projects such as Conflux (CFX), eCash (XEC), Sui (SUI), WOO Network (WOO), Frax Share (FXS), Polygon (MATIC), Aave (AAVE), Stacks (STX), Arbitrum (ARB) ), Arweave (AR), Avalanche (AVAX), Casper (CSPR)... increased by 4-7% during the day.
Source: Coinmarketcap
#Ethereum (ETH) also ended September in the green, closing the week with more than 9% growth. Currently, the market's largest proof-of-stake smart contract token has successfully surpassed the $1,700 mark, trading around $1,726.
ETH price chart – 1 week | Source: TradingView
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