Whether we suggest that the rich people (institutions) are buying all of the bitcoin or if we might have some other reason(s) about why the BTC price is going up, historically, there have been several instances in which the BTC price moved upwardly out of an historical range that it had been, but then thereafter, never did return to that previous price range, and people who had been delaying in their buying of BTC, or waiting for lower BTC prices prior to buying, ended up looking foolish in retrospect. So yeah, we have had right around 18 months to be buying BTC below $35k... so how much longer is it going to last? We cannot be sure. Are there going to be further dips below $30k? We cannot be sure.
The position that the bitcoin price is heading to, is what many of us don't know whether it will keep rising above $33k or fall below $33k. Historically, the month of October always has bitcoin rise in price, which it finally did, after seeing it fluctuate around $27k - $28k for weeks.
The month of November will be in a week and we don't know what bitcoin price would be by then. But I believe that the price of bitcoin will fluctuate at a higher price of $35k - $38k in November
You might be right or not to say that it is because we are in the month of October that is why the price of bitcoin is at 34k+ but don't also forget that we have news that SEC will approve ETF bitcoin by January next year maybe this might also be the reason, and what if SEC fails to comply to the date, what next.
In regard of talking about next month is Bitcoin price will continue with its pump is what nobody can say because what if the price dumps. We shouldn't bother about the price and month that we are on as we haven't gotten to the halving yet, because there might still be a dump before December or by next year before the halving based on past records. What we should focus on is to make sure that we continue with our regular DCA method to keep on accumulating more bitcoin instead of being carried away by the present price or what will happen to the price, the next day or month. That can make one stop accumulating or reduce the amount that he is using for DCA.
I almost fell for this early this week when the price started to pump but I later realized that I don't have any other option than to continue with my regular 10% DCA, rather than getting confused with what price will bitcoin be and what step to take that will be the best strategy to increase my bitcoin portfolio. This is a lesson for me and is peradventure bitcoin price dips belown 30k, I will increase my DCA with additional 3%.