October proved to be a significant month for Bitcoin (BTC), with its price soaring by 11%. While this performance may not rival the explosive gains seen in previous Octobers, the market is buzzing with speculation about an imminent price movement as over-the-counter (OTC) exchanges scramble to secure more Bitcoin.
“Price will go nuclear. It’s planned,” declared crypto trader Alex Becker on October 31. He pointed to the “absolutely absurd amounts of Bitcoin being bought OTC by institutions,” hinting at the potential for a major price rally in the near future.
An Impending Bitcoin Squeeze?
Traders across the crypto landscape are echoing Becker’s sentiments. A pseudonymous trader known as The Bitcoin Therapist highlighted that “rumors are circulating that OTC desks are running dry on Bitcoin, and a squeeze is coming.” With supply tightening, it appears the market is gearing up for a critical moment.
Bitcoin trader Magoo PhD shared insights with their 49,300 followers on X, stating, “When they have enough, they will have the media blast news about a new Bitcoin (BTC) all-time high. Retail will then flock to Coinbase, where there will be no supply left.” This comment encapsulates the excitement and urgency surrounding Bitcoin’s current market dynamics.
On October 30, Cointelegraph reported that Bitcoin is inching closer to its all-time high of $73,679, set in March. However, despite this upward trajectory, investor interest remains tepid. Search interest for Bitcoin has paled in comparison to buzzwords like “artificial intelligence,” which have generated significantly more traffic since October 23.
The ‘Uptober’ Narrative
As October began, many in the crypto community anticipated an “Uptober” rally. Bitcoin started the month at $65,634 but faced challenges along the way. On October 11, the price dipped below the crucial $60,000 level, hitting $59,407—a 7% decline over four days. Such volatility raised concerns that the anticipated gains might not materialize.
However, as the month progressed, Bitcoin (BTC)regained momentum, reclaiming the $70,000 mark for the first time since June 7 by October 29. This resurgence has fueled speculation about whether Bitcoin can sustain its upward trajectory into November.
Also Read: Bitcoin Breaks Key Resistance – What 60% Market Dominance Means For Solana And Ethereum
As of October 31, Bitcoin was trading at approximately $69,547, maintaining its position as the leading cryptocurrency by market capitalization.
With institutional buying on the rise and rumors of dwindling supply circulating, many traders are optimistic about Bitcoin’s future. The prospect of a significant price squeeze has the potential to attract retail investors, reminiscent of previous market surges. As we move into November, all eyes will be on Bitcoin, anticipating whether it can break through the psychological barrier of its all-time high and set the stage for a new chapter in cryptocurrency history.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
