'Uptober' sees 11% Bitcoin price spike as traders ponder ‘nuclear’ rally

Bitcoin’s price clocked an 11% gain in October. While it hasn’t matched the performances of some previous Octobers, traders speculate a significant price movement is imminent as over-the-counter (OTC) exchanges scramble for more Bitcoin.

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

Echoing a similar sentiment, pseudonymous crypto trader The Bitcoin Therapist said that “rumors are circulating 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 said.

On Oct. 30, Cointelegraph reported that Bitcoin is nearing its all-time high of $73,679 set in March, yet investors were showing no more interest than usual. Bitcoin search interest only generated a fraction of the traffic that “artificial intelligence” has had since Oct. 23.

Still, the performance falls short of its historical average growth of 22% for the month of October since 2013.

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

Still, by Oct. 29, it had reclaimed the $70,000 mark for the first time since June 7.

At the time of publication, Bitcoin was trading at $69,547.