Originally published on: November 01, 2024
Bitcoin experienced an impressive 11% price surge in October, sparking excitement among traders. While this uptick may not surpass previous October performances, many speculate that a significant price movement is on the horizon as over-the-counter (OTC) exchanges scramble to acquire more Bitcoin.
Crypto trader Alex Becker boldly stated, “Price will go nuclear. It’s planned,” citing the substantial amounts of Bitcoin being purchased OTC by institutions. Similarly, The Bitcoin Therapist hinted at a possible supply squeeze, with rumors swirling that OTC desks are running low on Bitcoin.
With over 49,300 followers, Bitcoin trader Magoo PhD echoed the sentiment, noting, “Supply is getting tight.”
This optimism comes at a time when Bitcoin is inching closer to its all-time high of $73,679, set in March. Despite this, some investors remain cautious, with search interest for Bitcoin lagging behind other trending topics.
Starting the month at $65,634, Bitcoin closed at $72,335 on October 31, marking an 11% increase. While this growth is impressive, it falls short of the historical average of 22% for October since 2013.
Following a brief dip below $60,000 mid-month, Bitcoin reclaimed the $70,000 mark by October 29, signaling renewed bullish momentum.
As of the latest update, Bitcoin is trading at $69,547, indicating ongoing market volatility.
While this article does not offer investment advice, it highlights the current market sentiment surrounding Bitcoin. Stay informed and be prepared for potential market shifts as the crypto landscape continues to evolve.
