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What's With October and Bitcoin?

Published 10/25/2023, 01:01 AM

What is it about Bitcoin and these October dates? Bitcoin soared in October 2020 on the news that PayPal (NASDAQ:PYPL) will accept BTC. October 2021 and 2023 were related to the ETF (see the Chart below). Whether Blackrock (NYSE:BLK)'s Bitcoin ETF gets approved this week or next month, any subsequent spike will have to be followed by a considerable pullback. The Big Kahunas of Larry Fink's circle of friends are busy accumulating BTCs ahead of the announcement. This would be the equivalent of companies and underwriting banks allocating shares pre-IPO. Regardless of post-announcement profit-taking, the next wave of buying will likely emerge just ahead of the US Thanksgiving holiday. The Inverted H&S target of $35k remains the must-break barrier.Bitcoin-Daily Chart-2020 to 2023

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