Analytics X account @lookonchain has spread the word about the high chances for Bitcoin traders to make healthy profits this year in the fall, similarly to the past 10 years.
The data shows that cryptocurrency traders are likely to see “Uptober” arrive again. However, September, which started with a massive Bitcoin price fall, may continue to remain bearish, keeping the world’s largest cryptocurrency, Bitcoin, and the whole crypto market in the red.
The figures shared by @lookonchain demonstrate that from 2013 until 2023, Bitcoin declined in September (falling by over 18% maximum in one of those years) and soared in October (jumping as high as 40% and 53%).
September is usually bearish, while October tends to be bullish.
Historical price data shows that from 2013 to 2023, $BTC declined in September during 8 of those years (73%) and rose in October during 9 of those years (82%). pic.twitter.com/dnzc3lowTa
— Lookonchain (@lookonchain) September 3, 2024
Thus, in October last year, Bitcoin went up by 27.92%, rising from $26,970 to $34,499. In 2021, BTC soared from $43,859 to $61,837, showing a massive increase of 40.99%. That year, Bitcoin spiked to an all-time high of close to $69,000, with a Bitcoin halving taking place in March 2020.
This “Uptober” expectation seems to be in line with today’s bullish statement by Bitcoin maximalist and CEO of JAN3 Samson Mow. He pointed out that while many traders believe that BTC is now likely to trade sideways “forever,” that is certainly not true. Mow believes that it is in such times that Bitcoin begins to “go up a lot.”
Big Bitcoin whale adds BTC to his $500 million stash
Meanwhile, cryptocurrency whales continue to accumulate Bitcoin, increasing their BTC positions. The above-mentioned account @lookonchain reported earlier today that a large whale with slightly more than half a billion U.S. dollars worth of Bitcoin holdings bought another large BTC stash.
He acquired 322.37 BTC, evaluated at approximately $19 million, earlier today. Over the last five days, the same whale bought 2,322 BTC worth $136 million in total. He now holds a whopping $523 million in Bitcoin equivalent, which is 8,881 BTC.
In the meantime, another smart crypto trader withdrew a large Bitcoin chunk from Binance – 1,100 BTC worth $64.2 million with a profit of $62 million, according to X analytics account @spotonchain.