Historically, October and November are the best months for bitcoin.

Bitcoin recorded its first “green” September since 2016. This past September was the strongest for bitcoin in seven years. Bitcoin closed September in the plus side – the third time in history. The growth amounted to +3.91%. Against this backdrop, the crypto community has been revitalized, expecting a bullish October, colloquially referred to as “uptober.” Michael van de Poppe, a crypto analyst, sees October as bullish as well as a good quarter, which could be fueled by ETF approvals and a pre-halving surge, and predicts bitcoin could reach $40,000.

According to blockchain analytics firm Santiment, the long-term prospects for bitcoin look promising. In favor of this is the fact that “whales” have been accumulating bitcoin along with Tether (USDT) over the past six weeks. Whales has 15 billion USDT coins in its wallets, which is the highest to date.

While expectations are high for October, it is important to remember that the SEC’s decision regarding any of the spot-ETF filings could potentially affect bitcoin price behavior.

At the time of writing, BTC remains in the green, having risen to $28,220 in the last 24 hours. The bitcoin rally is expected to continue into October based on the accumulation of funds in the major BTC and USDT wallets.