Analysts have unveiled their forecasts for October as the Bitcoin (BTC) price has pushed past the $28,000 mark. The cryptocurrency is currently experiencing an upward trajectory in October, firing up hopes for a productive month.
Analysts Predict A Bullish Run For Bitcoin Price In October
The month of October also referred to as Uptober in the crypto community has always been a bullish month for Bitcoin with a lot of gains. The cryptocurrency has always finished October with gains, doing so 8 of out 10 times since 2013.
According to crypto analyst Miles Deutscher, October has been one of the highest-performing months for Bitcoin. The crypto analyst highlighted this in a post on X (formerly Twitter), along with a graph of Bitcoin’s average monthly performance.
“Historically, October + November are the best performing months for #Bitcoin,” Miles stated.
Another crypto analyst who is also bullish on Bitcoin this month of October is Michael Van De Poppe. The crypto analyst believes that Bitcoin reaching a $40,000 mark is reasonable due to a pre-eminent Q4 of 2023, triggered by a Spot Bitcoin ETF approval and the pre-halving rally.
“Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially #Bitcoin to $40,000 is reasonable.” Michael’s post on X read.
Welcome to Uptober.
Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.
Potentially #Bitcoin to $40,000 is reasonable.
— Michaël van de Poppe (@CryptoMichNL) October 1, 2023
Crypto traders are also high-geared up with Uptober due to Bitcoin experiencing its first ever green in September since 2016, marking the strongest one Bitcoin has experienced since 2016. This pivotal movement of Bitcoin in September sets the pace for October (Uptober).
Crypto trader Ran Neuner also pointed out the last time Bitcoin experienced an upward trajectory in September and the positive effect of this significant move, along with a yearly chart of Bitcoin on a post on X yesterday October 1, 2023.
Additionally, On-chain analytics firm Santiment recently revealed on X that Bitcoin’s sharks and whale holders have now accumulated up to 13.03 million BTC in 2023, presenting a promising long-term outlook for Bitcoin.
According to the analytic firm, the whales and sharks addresses have been accumulating Bitcoin and Tether quietly for the past six weeks.
BTC Holders Are On the Rise
The expectations of approval of a Spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC) have since had a positive effect on the BTC price. The crypto asset experienced a significant increase in adoption in different regions of the world.
The cryptocurrency recently pushed past its resistance level of $27,500 and it is currently being traded at $28,300 as of the time of writing. This shows that the cryptocurrency is slowly gaining momentum in what is established to be one of its most bullish months.
Co-founder of Reflexivity Research, Will Clemente revealed Bitcoin’s metrics of long-term holders (LTHs) and short-term holders (STHs) on X a few days ago, as well as data on Bitcoin’s holder supply, circulating supply, and adjusted supply.
The chart illustrated by blockchain data and intelligence firm Glassnode showed that three out of four Bitcoin are presently owned by long-term holders. The percentage of BTC supply held by Bitcoin’s long-term holders accounted for 76.09%, reaching its highest level ever and pointing to strong conviction among these ‘diamond hands.’
BTC breaks above $28,000 to kick off October | Source: BTCUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com