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Half of September has passed and bitcoin traders are curious about where the price is headed next, as September is traditionally a bearish month for crypto prices. Additionally, October is known to be a bullish month as bitcoin has been profitable in October more than 77% of the time. Data shows that the leading crypto-asset’s price trend may not break September’s historical trends, but could well see a revival next month.
This month’s bitcoin price data indicates that bitcoin (BTC) is following the same trend it has followed for the past decade. Usually BTC prices in September are terrible and this month has been 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, when BTC’s US dollar value started the month at $482.28 per unit. BTC’s USD value fell 21.79% lower that month to $377.18 per coin at the end of September 2014.
Similarly in 2015, BTC’s value in September was higher during the first of the month, ending lower 30 days later. In 2016, BTC’s value in September fell 1.41% lower and in September 2017, BTC’s price lost 19.64% that month during the 30-day period. From the beginning of September 2018 to the end of the month, bitcoin’s US dollar value fell 8.89%. In September 2019, BTC lost approximately 16.94% during the month. September 2020 was a decent month for BTC as it remained bullish and gained 4.81% against the US dollar in that time.
Most people remember what happened in 2021, when BTC’s price was lower and bearish sentiment engulfed the trading community last September. While BTC had a month below par in September 2021, the price rallied back in October, reaching a lifetime high on November 10, 2021. The past decade of bearish September months has made traders want to be woken up as the month ends, as October bulls could revive the price. The patterns over the last decade show that while September is usually bearish, October is usually bullish in contrast.
Also, over the past two weeks, BTC’s price has already fallen lower, following a brief surge that took place prior to The Merge. Kitco.com market analyst Jim Wyckoff noted on Friday that the BTC markets are quiet and consolidating. “Price action is quieter, sideways and choppy, with bulls and bears on an even technical playing field in the near term,” Wyckoff explained on September 16. “A drop in prices below chart support at the September low would give the bears fresh impetus to suggest another leg down in prices. A move in prices above chart resistance at this week’s high would recharge the bulls, to suggest further gains,” the analyst added .
However, the crypto economy has been correlated with US stocks over the past 12 months or more, and next week the US Federal Reserve is expected to raise its benchmark interest rate by 75 basis points. It is quite possible that the prices of bitcoin (BTC) will drop another leg after the Federal Reserve Bank Rate is increased. If the crypto economy falls lower, it is also quite possible that an upswing in October could materialize, as price patterns have shown in the past.
What do you think of this September’s bitcoin price action? Do you think bitcoin’s price could see a revival in October? Let us know what you think about this topic in the comments section below.
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