30s Summary
Bitcoin’s value increased by 11% in October, although it fell short of typical monthly growth rates. Speculation among traders suggests Bitcoin potentially going “nuclear”, as there is talk of over-the-counter (OTC) exchanges being low on Bitcoin supply. Some suggest this could trigger a price surge when major investors have accumulated enough Bitcoin to influence the market. Despite nearing its all-time high of $73,679 set in March, Bitcoin generated less search interest than “artificial intelligence” since October 23. As of the report, Bitcoin’s trading price was $69,547. The article underlines the importance of independent research before investing.
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October saw an 11% increase in Bitcoin’s value, but it didn’t quite meet the mark of previous Octobers. Some Bitcoin traders are predicting a big price jump soon, as Bitcoin sellers, or over-the-counter (OTC) exchanges, are rushing to get more Bitcoin.
Crypto trader Alex Becker boldly stated, “Price will go nuclear. It’s planned,” on October 31, hinting at the massive amount of Bitcoin being bought up by institutions OTC.
Other traders agree with Becker’s prediction. The Bitcoin Therapist said rumors are swirling that OTC desks are running low on Bitcoin, which could cause a market “squeeze.”
“Supply is getting tight,” said Bitcoin trader Magoo PhD, signaling that Bitcoin is currently in high demand.
Becker shared his theory: “When they have enough, they will have the media blast news about a new Bitcoin all-time high. Retail will then flock to Coinbase, where there will be no supply left.”
Even though Bitcoin’s price is closing in on its all-time high of $73,679 set in March, investors don’t seem more interested than usual. In fact, Bitcoin has generated less search interest than “artificial intelligence” since October 23.
October started with Bitcoin’s price at $65,634 and ended the month at $72,335, a rough 11% increase. However, this is not as impressive as the average 22% increase seen in October since 2013.
Despite some worry at the beginning of the month, Bitcoin managed to recover. After dipping below $60,000 on October 11, it bounced back to surpass the $70,000 mark again by October 29 – the first time since June 7. At the time of publishing, Bitcoin’s trading price was $69,547.
Please remember, this is not investment advice. Be sure to do your own research before making any investment decisions.
Source: Cointelegraph