Bitcoin Sees 11% Gain in October Amid Institutional Demand: A Squeeze on the Horizon?

 

Bitcoin’s Price Gains 11% in October Amidst Institutional Demand

Bitcoin clocked an impressive 11% gain in October. While this performance hasn't quite matched some previous Octobers, traders are buzzing with speculation of a significant price movement on the horizon as over-the-counter (OTC) exchanges scramble to acquire more Bitcoin.

“Price will go nuclear. It’s planned,” declared crypto trader Alex Becker on Oct. 31, referencing the “absolutely absurd amounts of Bitcoin being bought OTC by institutions.”

Bitcoin ‘Squeeze’ Anticipated by Traders

Joining Becker's sentiment, pseudonymous crypto trader The Bitcoin Therapist noted that “rumors are circulating that OTC desks are running dry on Bitcoin, and a squeeze is coming.”

“Supply is getting tight,” Bitcoin trader Magoo PhD told their 49,300 X followers. “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 added.

As of Oct. 30, Cointelegraph reported that Bitcoin is nearing its all-time high of $73,679, set in March. However, investor interest seems stagnant, as search interest for Bitcoin has only generated a fraction of the traffic that “artificial intelligence” has garnered since Oct. 23.

October Performance and Uptober Concerns

Bitcoin’s price started on Oct. 1 at $65,634 and closed at $72,335 on Oct. 31, reflecting an 11% increase according to TradingView data. Despite this rise, the performance falls short of the historical average growth of 22% for October since 2013.

At the beginning of the month, there were concerns that the Uptober narrative might not unfold as expected. On Oct. 11, Bitcoin’s price dipped below the crucial $60,000 level, hitting $59,407, representing a 7% decline over four days.

Nevertheless, by Oct. 29, Bitcoin had reclaimed the $70,000 mark for the first time since June 7. At the time of publication, Bitcoin was trading at $69,547.