Bitcoin Surges 11.6% In September: Will Uptober See Further Gains?

Bitcoin has experienced a remarkable 11.6% increase this September, igniting speculation about its potential for continued growth as we enter October, often referred to as “Uptober.”

Will #BITCOIN continue the upward movement in Uptober… We have seen 11.6% increase in September which is incredible for #BTC. pic.twitter.com/IL6OR68FbK

— JAHSON TRADING (@Jimmyjahson23) September 28, 2024

Currently, nearly 94% of Bitcoin addresses are showing a profit, indicating strong investor sentiment.

JUST IN: Almost 94% of #Bitcoin addresses are in profit 🚀

Bullish 🐂 pic.twitter.com/GfXyMRqq2U

— Bitcoin Magazine (@BitcoinMagazine) September 28, 2024

If this market cycle mirrors the previous one, analysts suggest that a Bitcoin bull run could commence within the next two to three weeks. A modest 10.6% increase in Bitcoin’s price could trigger significant market movements, potentially liquidating $20 billion in short positions if Bitcoin reaches $72,600.

10.6% move on #Bitcoin will liquidate $20b of short traders at $72600. pic.twitter.com/QzF2oBORCP

— MartyParty (@martypartymusic) September 28, 2024

Bitcoin Spot ETFs Recorded Notable Net Inflow Of $494 Million 

Adding to the bullish sentiment, Bitcoin spot ETFs have recorded a substantial net inflow of $494 million as of September 27, marking the seventh consecutive day of inflows. Notably, Ark Invest and 21Shares’ ARKB ETF led the way with a remarkable $203 million influx, while Fidelity’s FBTC ETF saw a significant $124 million inflow. This trend reflects growing institutional interest and confidence in Bitcoin’s potential as a mainstream asset.

Bitcoin spot ETFs had a total net inflow of $494 million on September 27, continuing net inflows for 7 consecutive days. Ark Invest and 21Shares' ETF ARKB had an inflow of $203 million, and Fidelity ETF FBTC had an inflow of $124 million. https://t.co/59u0BnEqLG pic.twitter.com/UqzAYxmQww

— Wu Blockchain (@WuBlockchain) September 28, 2024

The current market dynamics suggest that Bitcoin is in a strong position heading into October. With a high percentage of profitable addresses and a solid influx of capital from spot ETFs, many investors are optimistic about the cryptocurrency’s trajectory. As traders and analysts watch closely, the upcoming weeks could prove pivotal for Bitcoin, setting the stage for what could be an exciting bull market.

If this cycle would be exactly the same as the previous cycle, the #Bitcoin bull market would start in the next 2-3 weeks. pic.twitter.com/SEitnrXHXO

— Crypto Rover (@rovercrc) September 28, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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