Bitcoin Touches $28,500 Mark, Sparks Hopes for ‘Uptober’ Rally (Data)

Bitcoin has reached a significant milestone by surpassing the $28,400 mark for the first time since mid-August. This exciting development has ignited investor optimism, with many hopeful that an “Uptober” rally is on the horizon. Recent data suggests that BTC wallets have been accumulating billions of dollars in the past month, potentially driving prices even higher.

Experts have also expressed a similar sentiment, embracing the bullish outlook as the leading cryptocurrency reaches a six-week high.

Accumulation of Bitcoin

According to the latest analysis from Santiment, Bitcoin wallets holding 10-10K BTC have chosen not to engage in outright trading or use their coins as collateral. Since September 1st, these wallets have accumulated a total of 415,000 BTC, which is equivalent to approximately $1.17 billion. This accumulation has taken place amidst a prolonged period of sluggish price movement.

The crypto analytic platform has also suggested that a return to a $30,000 market value for Bitcoin is becoming increasingly likely.

However, it’s important to note that if these wallets were to start liquidating their holdings, it could potentially jeopardize the current bullish trend, putting it at risk of reversal.

🐳 #Bitcoin has blasted back above $28K for the first time since August 17th. With 10-10K $BTC wallets accumulating a combined $1.17B since September 1st, a return to a $30K market value looks more and more likely unless these wallets now start dumping. https://t.co/sdcPWGiBMg pic.twitter.com/zN741HmDqh

— Santiment (@santimentfeed) October 2, 2023

Uptober is Here?

“Uptober” refers to the historical trend of October usually being a favorable month for the price performance of Bitcoin and other digital assets. CoinGlass data indicates that October has only recorded negative monthly returns on two occasions since 2013.

The validation of this trend has come in the form of Bitcoin’s sudden surge above $28,400, resulting in weekly gains of nearly 10%. This price action has also led to the liquidation of over $97 million worth of BTC shorts in the past 24 hours.

Despite some negative predictions, experts believe that the rally is expected to continue throughout October, a historically favorable month for cryptocurrency markets. Caroline Mauron, co-founder of digital-asset derivatives liquidity provider OrBit Markets, stated in an interview with Bloomberg:

“There appears to have been significant buying flows, possibly driven by the start of a new accounting quarter, and the resulting moves were exacerbated by scarce week-end liquidity.”

The rally has also received a boost from speculation that the US Securities and Exchange Commission (SEC) will ultimately approve BlackRock Inc.’s Bitcoin ETF proposals.

Looking ahead, Bitcoin is anticipated to face significant resistance at the $30,000 level, representing the next major hurdle on its upward trajectory.

Editor Notes: Uber Crypto News

In the fast-paced world of cryptocurrencies, Bitcoin’s recent surge to the $28,500 mark has sparked hopes of an “Uptober” rally among investors. This rally comes at a time when Bitcoin wallets are accumulating billions of dollars, indicating strong investor interest in the cryptocurrency. With October historically being a favorable month for Bitcoin and other digital assets, experts predict that the rally will continue throughout the month. To stay updated on the latest news and developments in the world of cryptocurrencies, visit Uber Crypto News.