Bitcoin (BTC) Delivers Best September Performance in 11 Years, Set for 'Uptober' Momentum?

September has not been good to Bitcoin for six years straight from 2017 through 2022 and only picked up a positive pace last year as the cryptocurrency market recovered from the bitter crypto winter in late 2022.

Bitcoin price action has not been favorable in the month of September for six consecutive years, from 2017 to 2022, and it only experienced a positive trend last year as the cryptocurrency market recovered from the harsh crypto winter in late 2022.

However, with the arrival of October, Bitcoiners can expect some good news, as the latest data reveals that September 2024 was a positive month for the world's leading cryptocurrency in terms of market capitalization.

Best September for $BTC in 11 Years

According to CoinGlass data, BTC gained 7.29% last month, marking its best September performance in 11 years.

Prior to September 2024, Bitcoin's best September performance was in 2016, when the digital currency soared by over 6%. Its third-best performance was in September of last year, with a gain of 3.91%.

This data follows the world's first decentralized digital asset recording a remarkable three-week surge of 23% last month, with prices skyrocketing from $52,500 to $65,000.

Bitcoin Poised for 'Uptober' Momentum

Many Bitcoiners are optimistic that BTC will experience an uptrend this month, as it has historically performed well in the fourth quarter of the year. As the CoinGlass chart shows, October has had only two negative performances in the last 11 years.

It remains to be seen if Bitcoin will follow a similar pattern this month, but several bullish factors could contribute to the digital coin's positive price movement.

Whales Ramp Up Their BTC Stash

Bitcoin whales are accumulating more BTC in their treasuries after the coin retreated from $65,000 last week to $63,000. Among the large buyers is Japanese company Metaplanet, which has adopted a Bitcoin strategy similar to that of MicroStrategy.

Metaplanet announced late Monday that it had purchased an additional 107.913 Bitcoin for one billion yen (about $69 million).

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) also saw positive inflows on Monday, albeit to a lesser extent compared to the ETFs' stellar performance last week. According to Farside Investors, spot BTC ETFs recorded positive inflows of $61.3 million, with BlackRock's IBIT ETF still leading the pack.

Bullish Predictions for Bitcoin

Zach Bradford, CEO of publicly traded Bitcoin mining company CleanSpark, expects the digital asset to surge to $200,000 within the next 18 months and points out that a "prolonged flat period" for the coin, indicating a positive sign of a sudden surge that could last longer.

Bradford acknowledged that macro events and broader financial market trends will influence BTC prices, but he remains optimistic that the digital coin will experience "a rapid jump."

CK Zheng, CIO of ZX Squared Capital, also anticipates a surge in BTC prices in Q4, supported by the recent interest rate cuts by the U.S. Federal Reserve, which should help the economy achieve a "soft landing."