Bitcoin rises 11% in October as traders eye potential rally

Bitcoin’s (CRYPTO:BTC) price surged 11% in October, sparking discussions among traders about a possible "nuclear" rally driven by tightening supply on over-the-counter (OTC) exchanges.

Crypto trader Alex Becker highlighted an “absolutely absurd amount of Bitcoin being bought OTC by institutions,” suggesting that demand pressures could fuel a substantial price increase.

Pseudonymous trader The Bitcoin Therapist echoed this sentiment, reporting that “rumors are circulating OTC desks are running dry on Bitcoin, and a squeeze is coming.”

Another trader, Magoo PhD, noted that “supply is getting tight,” which could create conditions for a rapid price jump as demand continues to rise.

Bitcoin opened the month at $65,634 and closed October at $72,335, marking an 11% gain according to TradingView data.

Despite this positive performance, it fell short of the historical October average of 22% since 2013.

Early in the month, the possibility of an “Uptober” seemed in doubt when Bitcoin dipped below $60,000, hitting a low of $59,407 on October 11.

However, by October 29, it reclaimed the $70,000 level, last reached in June.

Investor interest, however, remains steady rather than heightened.

On October 30, Bitcoin’s approach toward its all-time high of $73,679 did not significantly boost search interest, which was notably lower than that for “artificial intelligence” in recent weeks.

Despite this muted interest, some traders speculate that once institutional buyers secure sufficient Bitcoin, a media push highlighting new price records could prompt a wave of retail investment.

Bitcoin’s momentum through October has set the stage for continued speculation, with analysts closely watching whether limited supply on OTC exchanges could catalyze a further rally in the months ahead.

At the time of reporting, the Bitcoin price was $69,393.66.