Bitcoin suddenly jumped above $28,000 - what's going on?

In a sudden surge, Bitcoin rose above $28,000, increasing by almost $1,000 in a mere 15 minutes.

It is said that the start of the month marks the beginning of "Aptober" or "April", which is considered to be one of the most favorable months of the year by Cointelegraph.

Looking back on 2021, Scot Melker saw BTC surge by 42% in October.

Michael van de Poppe believes that $40,000 is a fair cost for Bitcoin.

At 1:15 a.m. Moscow time on Monday, Bitcoin experienced a surge, increasing its value to over $28,000 and reaching a peak of just over $1,000. Ethereum also rose to its highest point in a month and a half, surpassing $1,750. In comparison, altcoins had a much weaker reaction, with Solana showing the greatest growth of around 4%.

Cointelegraph reported that Bitcoin and Ethereum experienced a sudden surge of nearly 4% within a span of 15 minutes, leading to bullish predictions for the remainder of October.

Coinglass reported that a sharp price shift caused short positions on $36 million worth of Bitcoin and $23 million worth of Ethereum to be eliminated.

Most people were perplexed by the sudden action taken by the community. It was speculated that this was the start of the so-called "Uptober".

Trader Scott Melker, also known as the "Wolf of the Streets" in the crypto space, wished those celebrating a "Happy Uptober" on X.

Renowned analyst Michael van de Poppe wrote that Q4 could be a great quarter, potentially boosted by ETF approvals and Bitcoin's pre-halving rally. He also suggested that Bitcoin's potential rise to $40,000 is reasonable.

It was suggested by other members of the community that there is "something that someone knows" that the others are unaware of.

The term "Uptober" is used to refer to October in the cryptocurrency world, as it is usually a positive month for Bitcoin and other digital currencies. Data from CoinGlass reveals that Bitcoin has only had negative price movements in October twice since 2013.

Many in the cryptocurrency market are hopeful that the US Securities and Exchange Commission will approve a spot Bitcoin ETF. Analysts, however, predict that the announcement is most likely to come in January 2024.