Uptober sees 11% Bitcoin price spike as traders ponder ‘nuclear’ rally
Bitcoin traders are feeling bullish about a potential “nuclear” rally amid rumors of over-the-counter exchanges “running short of Bitcoin.”
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Bitcoin’s price clocked an 11% gain in October. While it hasn’t matched the performances of previous Octobers, traders speculate a significant price movement is imminent as over-the-counter (OTC) exchanges scramble for more Bitcoin.
“Price will go nuclear. It’s planned,” crypto trader Alex Becker declared on Oct. 31, pointing to the “absolutely absurd amounts of Bitcoin being bought OTC by institutions.”
Bitcoin ‘squeeze is coming’ says traders
Echoing a similar sentiment, pseudonymous crypto trader The Bitcoin Therapist stated that “rumors are circulating OTC desks are running dry on Bitcoin, and a squeeze is coming.”
“Supply is getting tight,” Bitcoin trader Magoo PhD told their 49,300 X followers.
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“When they have enough, they will have the media blast news about a new Bitcoin all-time high. Retail will then flock to Coinbase, where there will be no supply left,” Becker claimed.
On Oct. 30, Cointelegraph reported that Bitcoin is nearing its all-time high of $73,679 set in March, yet investors are showing no more interest than usual. Bitcoin search interest only generated a fraction of the traffic that “artificial intelligence” has had since Oct. 23.
‘Uptober’ concerns at the beginning of the month
Bitcoin’s BTC$69,528 price started on Oct. 1 at $65,634 and closed at $72,335 on Oct. 31, representing approximately an 11% increase, according to TradingView data.
However, the performance falls short of its historical average growth of 22% for the month of October since 2013.
Related: Bitcoin at 16: From experiment to trillion-dollar asset
At the beginning of the month, there were concerns that the “Uptober” narrative might not play out as expected this time around. On Oct. 11, Bitcoin’s price dipped below the crucial $60,000 level, hitting $59,407, representing a 7% decline over four days.
However, by Oct. 29, it had reclaimed the $70,000 mark for the first time since June 7.
At the time of publication, Bitcoin is trading at $69,547.
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Credit by Ciaran Lyons
