Bitcoin Uptober Rally: OTC Demand and Limited Supply Could Trigger New Record Prices
The price of bitcoin increased by 11% in October. Despite the fact that it hasn’t performed as well as some prior Octobers, traders believe a big price shift is about to happen as over-the-counter (OTC) exchanges compete for more Bitcoin. Crypto trader Alex Becker said on October 31 that “Price will go nuclear. It’s planned,” referring to the utterly ridiculous quantities of Bitcoin that institutions were purchasing over the counter.
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,
Becker
Despite Low Search Interest, Bitcoin Approaches March High of $73,679 in Uptober Rally
According to a Cointelegraph story on October 30, Bitcoin is getting close to its record high of $73,679, which was established in March, but investors are not displaying any more interest than normal. Bitcoin search interest was merely a small portion of the traffic generated by artificial intelligence since October 23.
According to TradingView data, the price of Bitcoin increased by 11% from its October 1 start price of $65,634 to its October 31 closing price of $72,335. However, the performance is below its average rise of 22% for October since 2013. At the beginning of the month, there were concerns that this year’s Uptober might not go as planned, and it did.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment