“Bitcoin’s resurgence in October 2023 showcases its unwavering resilience as it surges ahead with a remarkable 26% uptrend, reigniting investor interest and propelling the world’s most popular cryptocurrency towards new heights.”
Bitcoin is expected to end 2023 on a positive note, according to on-chain analytics firm Glassnode. The cryptocurrency has seen gains of nearly 30% in October, setting the foundation for a potential uptrend in its price. Bitcoin surpassed several resistance levels, including key moving averages, indicating increased strength in the market. The profitability of various investor groups has also improved, with the average recent investor seeing a profit of +20%. Glassnode’s analysis suggests that the recent correction found significant support, paving the way for the recent rally. The presence of long-term holders (LTHs) owning a majority of the available Bitcoin supply further supports the positive outlook. While the market still faces profitability issues, Glassnode remains optimistic about the potential for a resumption of the 2023 uptrend. However, investors should conduct their own research and exercise caution when making investment decisions.