The price of Bitcoin started the year on a bounce, securing a new all-time high before the end of the first quarter of 2024.
Bitcoin price closed in the green for September, sparking speculation on what this could mean for the remaining months of Q4 2024.
According to Ali Martinez, a crypto analyst at X, a green September has historically been followed by significant gains in October, November, and December. This observation is based on data from the past 12 years.
The analysis reveals that out of the 12 years, the Bitcoin price closed in the red for September on eight occasions. In 2014 and 2019, the BTC price notably declined by 19% and 13.4%, respectively.
However, in 2015 and 2016, the flagship cryptocurrency experienced gains of 2.35% and 6.04%, respectively. Interestingly, 2023 saw Bitcoin close the third quarter with a 3.91% gain.
This performance seems to have set the stage for a bull run, as BTC went on to register an impressive 25% rally in October, followed by a 9% rise in November, and concluding the year with a 12% price surge.
Moreover, this trend was observed not just in 2023. In 2015 and 2016, the only other years with a positive September, BTC price also experienced double-digit gains in Q4.
Based on this historical pattern, if Bitcoin does continue rallying over the next few months, it could potentially reach a new all-time high price before the end of 2024.
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