U.Today – Analytics X account @lookonchain spread the word about the high chances of traders achieving substantial profits this fall, just like in the past 10 years.
The data shows that cryptocurrency investors will likely see the return of “Uptober.” However, September, which started with a massive drop in the price of Bitcoin, could still remain bearish, keeping the world’s largest cryptocurrency, Bitcoin, and the entire cryptocurrency market in the red.
Data shared by @lookonchain shows that from 2013 to 2023, Bitcoin’s value fell in September (reaching a maximum of 18% in one of those years) and rose sharply in October (jumping 40% and 53%, respectively).
So, in October last year, Bitcoin rose by 27.92%, rising from $ 26,970 to $ 34,499. In 2021, BTC rose from $ 43,859 to $ 61,837, showing a massive raise of 40.99%. In the same year, Bitcoin reached an all-time high close to $ 69,000, and in March 2020, the Bitcoin halving took place.
This “Uptober” expectation seems to align with today’s bullish statement from Bitcoin maximalist and JAN3 CEO Samson Mow. He emphasized that while many traders believe that BTC will likely trade sideways “forever” now, that’s certainly not true. Mow believes that it’s during times like these that Bitcoin starts to “grow a lot.”
Big Bitcoin Whale Adds BTC to His $500 Million Vault
Meanwhile, cryptocurrency whales continue to accumulate Bitcoin, increasing their BTC positions. The aforementioned @lookonchain account reported earlier today that a huge Bitcoin whale with just over half a billion US dollars worth of Bitcoin has purchased another huge BTC stash.
He acquired 322.37 BTC, valued at around $19 million, earlier today. Over the past five days, the same whale has purchased 2,322 BTC, worth a total of $136 million. He now owns a staggering $523 million in Bitcoin equivalent, which is 8,881 BTC.
Meanwhile, another astute crypto trader withdrew a huge chunk of Bitcoin from Binance – 1,100 BTC worth $64.2 million for a profit of $62 million, according to X analytics account @spotonchain.
