Over the past 11 years, September has mostly been a bearish month for Bitcoin. Out of these years, only three have seen Bitcoin in the green during this month. The most significant loss occurred in September 2014, when Bitcoin plummeted by 19.01%. On the other hand, the smallest loss, 1.76%, was recorded in 2013—a fluctuation Bitcoin could easily surpass within a single trading day today.
A Glimmer of Hope in September
Though September is known for its downturns, it hasn’t always been bleak. In 2016, Bitcoin managed to post a 6.04% gain, defying the month’s typical trend. But what makes this year particularly intriguing is the potential for a bullish October, a month historically known for Bitcoin’s resurgence.
With the U.S. elections slated for early November, and Donald Trump being a potential market influencer, October might just be another explosive month for the cryptocurrency.
What to Expect in October
While September has often tested Bitcoin’s resilience, the cryptocurrency has historically bounced back stronger. After enduring a bearish September in 2020, Bitcoin rallied until April 2021, hitting an all-time high of $64,000. A similar pattern emerged in 2021, with Bitcoin reaching $69,000. September 2022, however, brought a harsher decline, with Bitcoin sliding until December.
Yet, 2023 saw Bitcoin maintaining its pattern, soaring to $73,000 after September’s dip.
Will History Repeat? Whales Are Ready!
Looking at the historical data, September’s bearish trend seems to set the stage for a bullish run. Could this mean that the much-anticipated bull market is just around the corner? It’s a possibility that hasn’t escaped the attention of market whales, who appear to be offloading Bitcoin in anticipation of a September dip before buying back in for the expected October surge.
With Bitcoin already down by around 4.53% in the first four days of September 2024, the question remains—will this month end in another bearish slump or surprise us with a bullish turnaround? Only time will tell.
