Bitcoin closed October with a 14% increase, but the beginning of November saw a price correction. Despite this, many traders remain optimistic about the continuation of the upward trend.

On October 29, Bitcoin’s price surged to $73,620 on Binance, nearing its all-time high from March. However, as November began, the price pulled back to around $69,000. Experts noted an increasing demand from over-the-counter (OTC) market participants.

Absolutely absurd amounts of Bitcoin is being bought OTC by institutions.

When they have enough, they will have the media blast news about a new Bitcoin all time high.

Retail will then flock to Coinbase where there will be no supply left. Price will go nuclear. It's planned.
— Alex Becker 🍊🏆🥇 (@ZssBecker) October 31, 2024

Growing OTC Market Activity

“Institutions are buying Bitcoin via the OTC market in absolutely insane volumes,” said crypto trader Alex Becker.

Another trader, known as The Bitcoin Therapist, echoed this sentiment, highlighting rising demand on OTC platforms and dwindling supply. Trader Magoo PhD added that OTC services are offering premiums for blocks of 100 BTC or more, signaling constrained supply.

“Inventories are becoming increasingly scarce,” said Magoo PhD.

On the other hand, crypto investor Mike Alfred expressed skepticism about claims of a supply shortage.

I just got off the phone with the same OTC desk I was in communication with yesterday. They are still looking for #Bitcoin inventory but the kicker now is they are now willing to pay 250 basis points above market for any lots larger than 100 #Bitcoin.

Supply is getting tight.
— Magoo PhD (@HodlMagoo) October 30, 2024

Future Price Dynamics

Becker suggested that rising OTC activity could pave the way for a new all-time high, predicting that retail investors will flock to platforms like Coinbase as supply tightens, potentially driving prices higher.

October’s performance reaffirmed the reputation of “Uptober”, a period historically associated with Bitcoin’s recovery following a challenging September.

I was skeptical about the reports of OTC desks running short of Bitcoin but today I got 3 separate calls and I can confirm it’s real. Everyone is having trouble sourcing BTC. I declined to make my treasury available even after being offered free Super Bowl box seats. Desperation.
— Mike Alfred (@mikealfred) November 1, 2024

While this year’s October gain was smaller than in 2021 (27.5%) and 2023 (23.6%), it outperformed 2022, a year marked by major upheavals like the collapse of Terra and FTX.

Outlook for November

"Uptober" Performed Well. pic.twitter.com/5VTcAWtNxO
— BitMemes Daily (@daily_bitmeme) November 1, 2024

JPMorgan analysts predict that Donald Trump’s election victory and the upcoming Federal Reserve meeting could further drive Bitcoin’s growth.