Bitcoin Whales Are Back: Is ‘Uptober’ Set for a Massive Price Surge?

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September has traditionally been a tough month for financial markets, including cryptocurrencies, with many investors experiencing declines across different asset classes. However, October is often viewed as a brighter period, especially for Bitcoin (BTC). In fact, Bitcoin has shown positive returns in 9 of the last 11 years, delivering gains of nearly 60%.

Uptober Is Coming!!!

The data suggests that cryptocurrency traders can look forward to the return of “Uptober,” a period historically marked by strong performance in Bitcoin. However, September, which began with a significant drop in Bitcoin’s price, may continue to be bearish, keeping Bitcoin and the broader crypto market in negative territory. 

Meanwhile, September has historically been bearish, showing positive returns only three times out of the last 11 years. It is often regarded as one of the most volatile and challenging months for the market, with many considering it the most bearish month of the year.

From 2013 to 2023, Bitcoin consistently declined in September, with one year dropping over 18%. In contrast, October has typically been a month of recovery, with Bitcoin rising by 40% to 53% in past years. For instance, in October 2022, Bitcoin saw a 27.92% increase, climbing from $26,970 to $34,499. 

In 2021, BTC surged from $43,859 to $61,837, marking a 40.99% gain, eventually reaching an all-time high near $69,000. That surge followed a Bitcoin halving event in March 2020, further boosting its momentum.

Bitcoin Whales Are Back, Buying Massively 

With hopes of a high return and a potential price surge in October, a major Bitcoin whale has begun accumulating Bitcoin at discounted prices. According to data from Lookonchain, the whale, already holding over half a billion dollars in Bitcoin, made another significant purchase. 

He bought 322.37 BTC, worth around $19 million. Over the last five days, the same whale has acquired 2,322 BTC, spending $136 million, bringing his total holdings to an impressive 8,881 BTC, valued at $523 million. This move indicates growing confidence in a strong market recovery.