Bitcoin experienced an 11% increase in price during the month of October. Although this growth did not surpass previous October performances, traders are anticipating a major price movement as over-the-counter (OTC) exchanges aggressively acquire more Bitcoin.
Crypto trader Alex Becker confidently stated on October 31 that the price of Bitcoin is set to skyrocket, citing the massive amounts of Bitcoin being purchased OTC by institutions. Similarly, The Bitcoin Therapist, a pseudonymous trader, mentioned that rumors are circulating about OTC desks running out of Bitcoin, leading to a potential squeeze in the market.
Bitcoin trader Magoo PhD also noted the tightening supply of Bitcoin to their 49,300 followers. Becker further predicted that once institutions have accumulated enough Bitcoin, they will announce a new all-time high, prompting retail investors to flock to platforms like Coinbase, where there will be a shortage of supply.
Despite nearing its all-time high of $73,679 in March, Bitcoin’s search interest did not increase significantly, with searches for “artificial intelligence” surpassing those for Bitcoin since October 23.
Bitcoin started the month of October at $65,634 and closed at $72,335, marking an 11% increase in price. However, this growth is lower than the historical average of 22% for October since 2013. Concerns arose at the beginning of the month when Bitcoin’s price dropped below $60,000 on October 11, reaching $59,407, a 7% decline over four days. Nonetheless, by October 29, it had surpassed the $70,000 mark for the first time since June 7.
As of the current time, Bitcoin is trading at $69,547. It is important to note that this article does not offer investment advice, and readers should conduct their own research before making any investment decisions.