With significant increases this month, Bitcoin (BTC) has effectively validated the “Uptober” theory. The top cryptocurrency is getting closer to $73,835—its all-time high (ATH). Amid the excitement surrounding the introduction of Bitcoin spot ETFs, the price of Bitcoin hit this level on March 1, 2024. The market is now experiencing a bullish mood, and the community is waiting for a fresh ATH.
Can the Rally Continue to November?
With just two days remaining in the month, there is a good chance that Bitcoin will reach this milestone. Even if not, traders and analysts are optimistic about November, which famous analyst Ali Martinez has dubbed “Moon-vember“. In the community, the word “moon” is widely used to describe possible price breakouts.
In the past, November has been a bullish month for Bitcoin prices. Similar to Uptober, Moon-vember is anticipated to yield significant profits for both altcoins and the top cryptocurrency. Bulls in Bitcoin are already benefiting from the recent price increases in the midst of this. One significant change is that most Bitcoin owners are now in profits.
99% Holders in Profit
IntoTheBlock reported on X (previously Twitter) that nearly 99 percent of Bitcoin owners are now profitable. This occurs as the price of Bitcoin approaches its peak. These profitability levels were also observed in June, the analytics platforms added. But at that moment, Bitcoin was unable to produce a breakout.
The cryptocurrency community is now hoping that things will be different this time. After rising 3.76% over the previous day, Bitcoin is currently trading at $71,110.54 as of this writing. Over this period, the coin’s trading volume has increased by 116.86%, reaching $47.75 billion at this time. A positive attitude is highlighted by the increasing trading activity, which suggests a larger influx of investors.
Conclusion
Bitcoin’s surge this month has reignited excitement among investors, with its approach toward an all-time high validating the so-called “Uptober” trend. The bullish market sentiment, fueled by anticipation surrounding Bitcoin spot ETFs, has led to increased trading volumes, reflecting strong investor interest.
As we head into November—optimistically dubbed “Moon-vember”—there’s substantial hope that Bitcoin will reach new highs, particularly with nearly 99% of holders now in profit.
This widespread profitability highlights the significant gains for Bitcoin holders, though some caution remains, given past moments when high profitability did not lead to sustained breakouts. Nevertheless, with current momentum and supportive market sentiment, investors seem hopeful for a robust November performance.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.