The half of September has passed and bitcoin traders are curious where the price is heading next, as September is traditionally a bearish month for crypto prices. Additionally, October is known to be a bullish month as bitcoin was profitable in October more than 77% of the time. The data shows that the price trend of the leading crypto asset may not break September’s historical trends, but could very well see a revival next month.
Bitcoin traders are patiently waiting for the end of September
This month’s bitcoin price data indicates that bitcoin (BTC) is following the same trend it has followed for the past decade. Typically, BTC prices in September are horrible and this month was no different. 3,303 days ago bitcoin prices fell from $240 per unit to $138 per bitcoin on September 1, 2013. Bitcoin prices were also in the red in September 2014 as the US dollar value of BTC rose. started the month at $482.28 per unit. The USD value of BTC fell 21.79% that month to $377.18 per coin at the end of September 2014.
Similarly in 2015, the value of BTC in September was higher during the first of the month and ended lower 30 days later. In 2016, the value of BTC in September fell by 1.41% and in September 2017, the price of BTC lost 19.64% that month over the 30-day period. From early September 2018 to the end of the month, bitcoin’s US dollar value lost 8.89%. In September 2019, BTC lost around 16.94% in the month. September 2020 was a decent month for BTC as it remained bullish and gained 4.81% against the US Dollar at the time.
Most people remember what happened in 2021 as the price of BTC was lower and bearish sentiment engulfed the trading community last September. While BTC had a lower than normal month in September 2021, the price rebounded in October and it hit a lifetime price on November 10, 2021. The last decade of bearish Septembers has made traders want be woken up when the month ends, as the October bulls could rekindle the price. Trends over the past decade show that while September is generally bearish, October is generally bullish on the other hand.
Bitcoin Price Moves Sideways, Crypto Traders Await Fed Rate Hike, October Price Patterns Give Hope
Moreover, the price of BTC over the past two weeks has already fallen, after a brief spike that took place before The Merge. Kitco.com market analyst Jim Wyckoff noted on Friday that BTC markets are calm and consolidating. “Price action is more sedate, sideways and choppy, with bulls and bears on an overall short-term technical playing field,” Wyckoff explained on Sept. 16. to suggest a further leg down in prices. A price move above chart resistance at this week’s high would recharge the bulls, suggesting further gains,” the analyst added.
However, the crypto economy has been correlated with US equities for the past 12 months or more and next week the US Federal Reserve is expected to raise the benchmark interest rate by 75 basis points. It is entirely possible that bitcoin (BTC) prices will drop yet again after the increase in the federal bank rate. If the crypto economy turns down, it is also entirely possible that an October rebound will materialize, as price patterns have shown in the past.
What do you think of bitcoin’s price action in September? Do you think bitcoin price could experience a revival in October? Let us know what you think about this topic in the comments section below.
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