CryptoQuant’s 3 charts keeping Bitcoin’s ‘Uptober’ thesis valid
Bitcoin onchain analysis eyed a “potential bottom” for BTC price action in early October as demand weathered external headwinds.
Bitcoin's traditional strength in October, often referred to as the 'Uptober' phenomenon, continues to hold ground, according to recent onchain analysis. CryptoQuant, a leading blockchain analytics firm, has identified three key charts that support the thesis of a potential bottom in Bitcoin's price action in early October. These insights provide a glimpse into the underlying demand and supply dynamics that are shaping the cryptocurrency market.
The first chart, which tracks Bitcoin's spot trading volume, has shown a significant increase in recent months. This surge in volume indicates a growing interest in Bitcoin and a healthy level of liquidity in the market. The second chart, which monitors Bitcoin's price action, has identified a potential bottom in early October. This could signal a turning point in the market, with the potential for Bitcoin's price to rebound in the coming months. The third chart, which analyzes Bitcoin's onchain metrics, such as the number of active addresses and the total value locked in smart contracts, has also shown positive signs. These metrics suggest that there is a strong level of demand for Bitcoin and that the cryptocurrency is being used for a variety of purposes, from trading to investing.
Original Source
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