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Cryptocurrency News Articles
Bitcoin (BTC) Struggles Historically in September, But Recent Development Points to a Shift in This Pattern
Oct 02, 2024 at 11:28 pm
According to CoinGlass, Bitcoin closed in September with positive returns only four times in 12 years. Despite this negative history, Bitcoin has
Bitcoin has historically performed poorly in September, but recent data shows a shift in this pattern.
According to CoinGlass, out of 12 years, Bitcoin has only closed September with positive returns four times. However, in the past two years, Bitcoin has experienced a positive close in September both times.
In 2023 and 2024, Bitcoin recorded a 3.91% and 7.29% gain for September, respectively.
A Bitcoin insight and commentary provider shared price projections based on historical patterns following Bitcoin’s positive September close.
The projection indicates that if Bitcoin follows the average gains made after a green September, it could surpass $100,000 by the end of the year.
The projection suggests an October price of $80,518.40, rising to $89,727.02 in November and hitting $106,718.33 by December.
Historically, October has been one of the most profitable months for Bitcoin, with significant average returns of 20.66% over the past decade.
While November boasts the highest average of 46.81%, December follows with more moderate gains of 5.45%.
These figures highlight the potential for continued upward movement, as Bitcoin has traditionally performed well in the last quarters of the year.
In addition to these projections, market analyst Ali Martinez recently highlighted the significance of Bitcoin’s green September close.
Martinez pointed out that previous positive Septembers, such as in 2015 and 2016, led to even more significant gains in October, with Bitcoin increasing by 33.49% and 14.71%, respectively.
Martinez noted that Bitcoin's recent 3.91% gain in September 2023 could similarly precede a substantial rally, as evidenced by past performances.
This pattern suggests that Bitcoin may see another strong October, potentially setting the stage for further gains throughout the rest of the year.
However, not all experts share the same optimism. Veteran trader Peter Brandt expressed concerns about Bitcoin’s longer-term trend in light of the recent rally.
According to Brandt, Bitcoin has been forming lower highs and lower lows for over seven months now. For Bitcoin to confirm a significant bullish reversal, Brandt said it needs to close above $71,000 and establish a new all-time high.
Brandt also highlighted two critical resistance levels, at $70,602 and $73,808, which have repeatedly blocked Bitcoin's upward momentum. Without surpassing these levels, Brandt expects Bitcoin to remain in a consolidation phase with periodic massive declines.
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