As a seasoned researcher with over two decades of experience observing and analyzing financial markets, I have seen my fair share of market trends and patterns. The recent performance of Bitcoin during September has been particularly intriguing for me, as it seems to follow a pattern that history suggests could lead to significant gains in the coming months.
At the beginning of 2024, Bitcoin‘s price saw an uplift and set a fresh record high by the end of Q1. Yet, the second and third quarters didn’t bring much positive momentum for the crypto market. During these periods, Bitcoin primarily stayed within a narrow trading range.
September, the last month of the third quarter, was predicted to dampen the bullish impetus of the Bitcoin price, but the contrary has been the case. According to data from CoinGecko, the Bitcoin price is up by more than 10% in September.
What Happens To Bitcoin Price After A Green September?
In a recent article on the X platform, well-known cryptocurrency expert Ali Martinez offered some predictions about Bitcoin’s future price trend, which he based on its historical price movements over the past few years. Specifically, Martinez noted that when Bitcoin’s monthly candle closes in green (signaling an increase) during September, it tends to experience even greater gains in October, November, and December – the final three months of the year.
Based on the graph, it’s clear that September has traditionally been a challenging month for Bitcoin (BTC). In fact, over the past 12 years, BTC has experienced a loss at the end of September eight times. The price drop in September 2014 was particularly significant, with a decrease of about 19%, while in September 2019, the price fell by around 13.4%.
Looking back at my crypto investment journey, I recall that Bitcoin had a remarkable September in both 2015 (up by 2.35%) and 2016 (an impressive 6.04% rise). Reflecting on this now, it appears that the 3.91% gain in September 2023 might have been the start of the current bull run. Interestingly, Bitcoin’s positive momentum continued with a string of three successful months following that strong September performance.
In October 2023, Bitcoin’s price saw a remarkable 25% increase as it kicked off its bull market. After this, there was a relatively small 9% uptick in November. To wrap up the year, Bitcoin experienced another 12% growth spurt in its price.
It’s worth noting that the recent surge in Bitcoin price isn’t just luck; past data suggests that Bitcoin typically sees larger price increases in the months following a positive September. For example, BTC recorded substantial double-digit growth in the final three months of 2015 and 2016 – the only other years with a favorable September on record.
Based on historical trends, it appears that Bitcoin’s price might surge substantially over the coming months, given the recent buildup of bullish momentum within the last 30 days. If this prediction materializes, Bitcoin could once again kick off its bull market and potentially reach a new record high before the end of the year.
BTC Price At A Glance
Currently, Bitcoin is trading slightly below $66,000, showing a minimal decrease of 0.2% over the past day.
Featured image created by Dall.E, chart from TradingView
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2024-09-29 17:46