Bitcoin prices have been tears in October so far, taking advantage of this month’s bullish history. The best cryptocurrencies appear to have slowed down just like the market as a whole by the weekend, but there is even greater optimism that the coin’s price is doomed to reach a new high this month. According to the latest on-chain data, related market participants, known as whales, appear to be changing their strategy, potentially bringing more profits to BTC prices in the coming weeks.
Is the BTC whale behind “Uptober”?
On-chain analyst Burak Kesmeci joined social media platform X and revealed changes in Bitcoin Zilla’s behavior since the beginning of October. According to Crypto Pundit, the large holders who were partially responsible for the decline in performance in September are now relocated in the largest cryptocurrency market.
The relevant indicators here are total whale holdings and monthly changes. This tracks the total number of coins held by BTC whales and how much they change over 30 days. This metric provides insight into the whale’s emotions. Whales are often considered the most influential participant on the market.
Source: @burak_kesmeci on X
As observed in the chart above, whale total stock witnessed a significant decline in September, with a 30-day percent change spent most of the month in negative territory. Kesmeci noted that this trend indicates an increase in sales activity among large investors last month.
On-chain analysts said the sales wave struggled to launch a critical rally in September, putting downward pressure on Bitcoin prices. However, Kesmesi revealed that BTC whales appear to be stepping out of the gas, reducing their recent sales activity.
As seen in Bitcoin prices at the beginning of October, the downward pressure produced by whales appears to have been significantly reduced. Kesmeci concluded that this could mean a return to the accumulation stage for these market participants. This could mean an upward trend in Bitcoin prices in the short term.
Bitcoin price at a glance
At the time of writing, BTC is rated at around $122,345, as it has not reflected a significant price movement in the last 24 hours. The flagship cryptocurrency appears to be slower on past days, but boasts an impressive record of weekly time slots. Bitcoin prices have risen almost 12% in the past seven days, according to Coingecko data.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Unsplash featured images, TradingView charts
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