As September concludes with Bitcoin (BTC) showing gains, analysts are referencing historical trends that indicate potential price increases in Q4 of 2024.
As September comes to an end with Bitcoin (BTC) showing gains, analysts are looking at historical trends that indicate potential price increases in Q4 of 2024.
Throughout the years, Bitcoin has often experienced a rally following a positive September, with notable gains being recorded in Q4. For instance, in 2015 and 2016, Bitcoin experienced October gains of 33.49% and 14.71%, respectively, after seeing a bullish September.
In September 2023, Bitcoin closed with a 3.91% gain, which preceded a 28.52% rally in October, indicating the potential for a bull run. This year’s positive close in September marks a significant departure from the historical trend of losses typically seen during this month.
According to market analyst Ali Martinez, past performance shows that a green monthly candlestick in September has historically led to significant gains in the following months.
As of now, Bitcoin is trading just under the $66,000 mark, with a minor dip of 0.2% in the last 24 hours. However, analysts are predicting that if Bitcoin continues to follow historical patterns, October could see substantial gains.
Should BTC replicate its 2015 performance, an increase of 33.49% would raise its price to approximately $84,365. A more conservative increase similar to 2016 would place Bitcoin around $72,495, just below its recent all-time high price.
It's important to note that past performance does not guarantee future results, and the cryptocurrency market is inherently volatile. However, these historical trends provide some insight into what might be expected in the coming months.
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