Bitcoin (BTC), which closed October above a critical level, increased bullish expectations.
Bitcoin investors are anticipating a “nuclear” rally amid rumors that Bitcoin supply on over-the-counter (OTC) exchanges is dwindling. Bitcoin price increased by 11 percent in October. Although it does not quite reach past October performances, traders predict that the price will rise further with the BTC demand of OTC exchanges.
Crypto trader Alex Becker said on October 31, “The price will explode. “This is planned,” he said, noting that “excessive amounts of Bitcoin are being purchased” by institutions on OTC exchanges.
Traders expect a squeeze for Bitcoin
Expressing a similar opinion, crypto trader The Bitcoin Therapist stated that there are rumors that “BTC supply is exhausted and a squeeze is approaching.” Another trader, Magoo PhD, told his followers, “The supply is getting tight.”
Becker also said, “Once enough Bitcoin is collected, a new peak will come. “Small investors will turn to Coinbase, but there will be no supply,” he added.
On October 30, Cointelegraph reported that BTC was nearing a peak of $73,679, but investor interest did not extend beyond normal. Google searches for Bitcoin have seen low interest compared to “artificial intelligence” since October 23.
uptober concern
BTC price was trading at $65,634 on October 1 and reached $72,335 on October 31, which represents an increase of approximately 11 percent. However, this rate remains behind the average growth of 22 percent for October since 2013.
At the beginning of the month, there were concerns that “Uptober” expectations might not come true this year. On October 11, the BTC price fell below the critical $60,000 level, falling to $59,407 and losing 7 percent of its value in four days. However, on October 29, the price regained the $70,000 level for the first time since June 7.
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