U.Today – Analytics X account @lookonchain has spread the information about the high chances of traders making healthy profits this year in the fall, similar to the past 10 years.
Data shows that crypto traders are likely to see “Uptober” come again. However, September, which started with a massive Bitcoin price drop, may still be bearish, keeping the world’s largest cryptocurrency, Bitcoin, and the entire cryptocurrency market in the red.
Figures shared by @lookonchain show that from 2013 to 2023, Bitcoin declined in September (falling more than 18% at most in one of those years) and spiked in October (jumping up to 40% and 53%).
Thus, in October last year, Bitcoin rose by 27.92%, from $26,970 to $34,499. In 2021, BTC skyrocketed from $43,859 to $61,837, showing a massive increase of 40.99%. That year, Bitcoin soared to an all-time high of close to $69,000, and a Bitcoin halving occurred in March 2020.
This “Uptober” expectation seems to be in line with Bitcoin bullishness and JAN3 CEO Samson Mow’s bullish statement today. He noted that while many traders believe BTC is now likely to trade sideways “forever,” that’s certainly not true. Mow believes it’s at times like this that Bitcoin starts to “rally a lot.”
Bitcoin's biggest whale adds BTC to its $500 million stash
Meanwhile, crypto whales continue to accumulate Bitcoin, increasing their BTC positions. The @lookonchain account mentioned above reported today that a large whale with just over $500 million in Bitcoin holdings purchased another large stash of BTC.
Just today, he acquired 322.37 BTC, valued at approximately $19 million. Over the past five days, the same whale purchased 2,322 BTC for a total value of $136 million. He now owns a whopping $523 million in Bitcoin equivalent, or 8,881 BTC.
Meanwhile, another savvy crypto trader withdrew a large amount of Bitcoin from Binance – 1,100 BTC worth $64.2 million for a profit of $62 million, according to X analytics account @spotonchain.
This article was originally published on U.Today
