As a seasoned researcher with a deep-rooted interest in the crypto market, I can confidently say that the current bullish run of Bitcoin is reminiscent of a phoenix rising from the ashes. The psychological $60,000 barrier being broken and the subsequent 9.8% increase in just seven days is indeed a sight to behold.
Right now, Bitcoin‘s price trend is showing a positive, or bullish, movement that has stirred enthusiasm among cryptocurrency investors. Just recently, it surpassed the significant price level of $60,000, which had previously served as a challenging resistance for three weeks. After crossing the $60,000 mark, Bitcoin’s value has continued to rise and has seen an increase of 9.8% in the last seven days. It’s worth noting that the crypto is currently up by 20% from its lowest point this month, which was at $52,827.
At a crucial juncture for Bitcoin, this price rise coincides with September, historically a pivotal month for Bitcoin’s price trend in the final quarter of the year. As indicated by data from Coinglass, a positive close in September has typically set the stage for robust growth in October, November, and December.
Historical Trends And The Importance Of A Green September
A ‘green’ September denotes Bitcoin ending the month with a gain or an increase in value compared to its opening price on the first day of the month. In Bitcoin’s 12-year lifespan, there have been eight instances where the cryptocurrency ended the month with lower prices than at the start (referred to as ‘red’ Septembers). On the other hand, a green close (three occurrences) has typically been followed by robust increases in price during October, November, and December. In simpler terms, if Bitcoin starts September strong and maintains its value or grows throughout the month, we call it a ‘green’ September. Conversely, when the opposite happens, it’s referred to as a ‘red’ September. The rare instances of a green close have historically led to significant price increases in the following months.
In 2015, the first instance of a green September was recorded as Bitcoin ended the month with a modest 2.35% increase. This seemingly minor triumph served as a stepping stone for subsequent gains throughout the ensuing months. Bitcoin saw a surge of 33.49% in October, 19.27% in November, and 13.83% in December. More recently, a green September transpired in 2023, sparking a substantial bull run that resulted in six consecutive months with green monthly candles, culminating in Bitcoin reaching a record high in March 2024.
What To Expect From The Bitcoin Price
Currently, Bitcoin is being transacted for approximately $63,640 per unit. Over the past few days, there’s been a surge of investments into Bitcoin that has subsequently influenced other cryptocurrencies as well. As a result, the total value of all cryptocurrencies now amounts to around $2.21 billion, marking an 8.33% growth in just seven days.
Significantly, the rise in cryptocurrency prices can largely be attributed to the U.S Federal Reserve’s choice to lower its key interest rate by 0.5%. This action, marking the first reduction in over a year, is generally viewed as advantageous for high-risk assets such as Bitcoin.
In the near future, there’s a strong likelihood that more interest rates will be reduced over the coming months. As per the CME Group’s FedWatch Tool, investors have a 100% chance of another rate cut in the upcoming Federal Reserve meeting on November 7. This positive forecast could result in prolonged price growth for Bitcoin and the overall crypto market. Investors in cryptocurrencies can anticipate several months of favorable price trends for Bitcoin, as potential targets include surpassing $65,000, $67,000, and $70,000.
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2024-09-20 13:16