October brought new hope to the cryptocurrency market, with Bitcoin prices rising strongly, soaring to $28600 on Tuesday before slightly falling back. This rise highlights several consecutive weeks of optimism, bringing new prospects to the cryptocurrency market after the downturn and volatility in the third quarter
October brought new hope to the cryptocurrency market, with Bitcoin prices rising strongly, soaring to $28600 on Tuesday before slightly falling back. This rise highlights several consecutive weeks of optimism, bringing new prospects to the cryptocurrency market after the downturn and volatility in the third quarter.
The circulation of Bitcoin continues to decrease, and holders show nervousness, becoming one of the key factors igniting this round of upward trend. In addition, the fundamentals and technology of Bitcoin have also been significantly improved. Cryptocurrency analysis company Santiment emphasized the importance of several large transactions that occurred before Bitcoin broke the $28000 mark for the first time in six weeks. The company recently reported that Bitcoin whales have been actively hoarding Bitcoin and Tether (USDT) over the past six weeks, and as of September 29, these whales hold a total of 13.03 million BTC, the highest number since 2023.
At the same time, Tether Sharks and Whales are also increasing their purchasing power, holding a total of 15.03 billion tokens worth 100000 to 10 million USDT, reaching a new high in six weeks. The market is full of hope and vitality, seemingly ushering in a new chapter in the cryptocurrency market, and October seems to herald future prosperity.
On the other hand, cryptocurrency veteran Peter Brandt shared the bullish outlook for Bitcoin after confirming a reversal of the head and shoulder pattern. The confirmation of this form indicates that prices may rise.
However, there are also some warning sounds. Some analysts are closely monitoring the similarities between the current Bitcoin chart and the 2020 chart, believing that the current pattern is strikingly similar to the pattern two years ago, which may indicate an important breakthrough is about to occur.
In addition, the holdings and trading volume of Bitcoin and Ethereum options showed a comprehensive decline in September. The holdings of Bitcoin options decreased by 15.6% and the trading volume decreased by 17.9%. The holdings of Ethereum options decreased by 6.4% and the trading volume decreased by 10%. This situation deserves close attention.
Overall, the cryptocurrency market is full of variables, and investors and analysts need to carefully observe market trends in order to make wise investment decisions.
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