Bitcoin Surges 26.2% in September, Raising Hopes for 'Uptober'
Bitcoin has experienced a significant rally, rising 26.2% since its September 6th low of $52,756. This surge has surpassed August's local top, sparking optimism for a potentially strong October.
Key points:
- Historically, October has shown robust gains for Bitcoin, with a median return of 27.7%.
- Bitcoin has reclaimed important levels, including the Short-Term Holder Realised Price.
- Open interest has reached $35 billion, a level previously associated with local peaks.
- Bitcoin is currently trading in a $50K-$68K range.
- Declining exchange reserves and reduced passive selling suggest a potential new all-time high by Q4 2024 or early 2025.
However, caution is advised as spot market buying has slowed, and high open interest raises concerns about market overheating.
Investors should monitor these signals closely and conduct their own research before making investment decisions.