As the fall season unfolds, Bitcoin traders are looking forward to large gains, driven by past patterns. Based on X account @lookonchain’s data, this year could bring another “uptober,” following a ten-year trend whereby Bitcoin values fall in September only then spike in October.
The data shows a steady decline in Bitcoin from 2013 to 2023, with the steepest decline being 18%. Still, October has always seen a strong comeback; in previous years, BTC has surged as much as 40% to 53%. For example, BTC climbed from $26,970 to $34,499 by 27.92% last year.
Bitcoin’s ‘Uptober’ Rally
Rising from $43,859 to $61,837, BTC had an remarkable 40.99% rise in 2021, finally approaching an all-time high of around $69,000. However, September has already started this year with a notable decline in Bitcoin’s value, therefore casting a negative shadow over the cryptocurrency market.
Still, BTC maximalists like JAN3 CEO Samson Mow are upbeat. Mow contends that periods of flat pricing usually follow significant increases for Bitcoin, thereby supporting the theory that an “uptober” rally is just around.
The behavior of cryptocurrency whales, who keep accumulating Bitcoin despite the current downturn, adds fuel to this hope. Originally holding nearly half a billion dollars in BTC, @lookonchain said that a big whale had bought an extra 322.37 BTC, worth around $19 million.
This brings the total whale holdings to 8,881 BTC, which is shockingly valued at $523 million. In a comparable action, another astute trader pulled 1,101 BTC from Binance, valued at $64.2 million, guaranteeing a $62 million profit.
These actions by major market participants imply that they are setting themselves up for a possible increase in the value of BTC as October gets ready.
