Surprise, surprise! September, typically a downer for Bitcoin, has turned the tables and delivered its best performance in over a decade.
Historically, September has been a month to forget for Bitcoin, often earning the nickname ‘Slumptember' due to its usual trend of losses. But this year, it flipped the script! According to crypto analyst Rekt Capital, Bitcoin surged by a whopping 7.75% this September, smashing its previous record of 6% set back in 2016. To put it in perspective, Bitcoin has seen losses in eight of the last twelve Septembers, with a particularly brutal drop of 19% in 2014.
Interestingly, CoinGecko's data showed an even more impressive gain, with Bitcoin climbing from $57,750 at the start of September to $63,830 by the end, marking a 10% increase. Different time zones might explain the slight discrepancy, but hey, a win's a win!
But wait, there's more good news on the horizon! October is historically a bullish month for Bitcoin, with nine out of the past eleven Octobers closing in the green. In fact, the past five years have seen October gains ranging from 5.5% to a staggering 40%, even during bear market years. November also tends to be positive, although December can be a bit of a mixed bag.
Rekt Capital noted another intriguing pattern: September 30 marked 163 days post-halving, the same timeframe it took for Bitcoin to break out from its reaccumulation range after the 2020 halving.
Adding to the optimism, CryptoQuant founder Ki Young Ju chimed in, saying that despite some recent market jitters, Bitcoin is still in a bull cycle. He pointed out that when market capitalization grows faster than realized capitalization, it often signals a bullish trend. So, the bears might want to take a back seat for now!
However, it's not all smooth sailing just yet. Bitcoin did face a minor retreat, dropping 1.4% to $63,800 after failing to break past the $66,000 resistance on September 30. Despite this, Bitcoin is still up nearly 10% over the past two weeks and remains within its range-bound channel since March.
Analysts are keeping their fingers crossed for October, hoping Bitcoin will break out of its current channel and reclaim that magical $70,000 mark. So, buckle up and let's see what October has in store!
