In the past 11 years of Bitcoin’s history, there have been only 3 years when Bitcoin was bullish in September, while the remaining seven have always been bearish. Let's explore the recent trends and the possibility of a bullish October based on the current data.
September Trends of Bitcoin
During September 2014, Bitcoin saw its highest loss of 19.01%. The lowest was in 2013, which was 1.76%, a figure Bitcoin can move beyond in a single day now. In 2016, the opposite happened: Bitcoin gave a profit of 6.04% during this month.
Historical October Growth Data
October generally brings significant growth for Bitcoin. For instance, after the bearish September of 2020, Bitcoin continued to rise until April 2021, reaching an all-time high of $64,000. A similar trend was observed in 2021 when Bitcoin reached $69,000. September 2022 was harsh, with Bitcoin continuing to decline until December. In 2023, the bulls took charge, driving Bitcoin to $73,000.
Predictions for October 2024
Historical data indicate that a bearish September for Bitcoin often leads to a bullish October. This year, the US elections in early November, with Donald Trump as a potentially influential figure, add to the significant factors for the crypto market. As of now, Bitcoin has already fallen by 4.53% in the first 4 days of September 2024, which could signal an anticipated bull market in October.
Historical data shows that a bearish September for Bitcoin often leads to a bull run in October. We will have to wait and see if this month will end with a decline or a rise, and how it will impact the market in October.
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