Half of September has now passed, and bitcoin traders are eager to see where the price will go next. September is traditionally a bearish month in crypto markets. Also, October is a bullish month. Bitcoin has been profitable in October 77% of the times. The trend in the price of the most popular crypto asset may not be as strong as September's, but it could well see a revival next month.
Bitcoin Traders Patiently Wait For September to End
The bitcoin price data for September shows that bitcoin (BTC), is continuing the same trend as it has over the past decade. BTC prices in September are usually terrible, and this month is no exception. 3303 days ago, bitcoin prices fell from $240 per bitcoin to $138 per bitcoin. BTC prices were also in the red in September 2014. The U.S. dollar value of BTC started the month at $482.28 and ended the month at $138 per bitcoin. BTC's USD price dropped 21.79% to $377.18 per unit by September 2014.
Similar to 2015, BTC's September value was lower in the first 30 days of September than it was in the following month. BTC's September value dropped by 1.41% in 2016. In September 2017, BTC lost 19.64% during that 30-day period. The bitcoin value in the U.S. Dollar fell 8.89% between September 2018 and September 2017. BTC lost 16.94% in September 2019. BTC's September 2020 performance was good, with a bullish month and a gain of 4.81% against U.S. dollars.
People will remember what happened in 2021 when BTC's value was lower and bearish sentiment gripped the trading community. Although September 2021 was a poor month for BTC, October saw a rebound and the price reached a lifetime high of $199.99 on November 10. 2021. Trader's have been waking up to the possibility of October bulls reviving the price, despite the past decade of bearish September months. Over the past decade, patterns have shown that September is often bearish while October is generally bullish.
Bitcoin Price Changes Sideways, Crypto Traders Wait Fed Rate Hike. October Price Patterns Give Hope
BTC's prices have dropped in the past two weeks, following a short spike just before The Merge. Jim Wyckoff, Kitco.com market analyst, noted that BTC markets have been quiet and are consolidating. Wyckoff explained September 16 that "Price action has been quieter, more sideways, and choppy with bulls, bears, and all on the same technical playing field." "A fall in prices below chart support at September's low would give bears new power to suggest a new leg lower in prices." An increase in prices above chart resistance at the week's high would recharge bulls and suggest further gains," the analyst said.
The crypto economy is correlated with U.S. stocks for the past 12 months, and the U.S. Federal Reserve will likely raise the benchmark interest rate by 75basis points next week. There is a possibility that bitcoin (BTC), prices will drop further after the Federal Bank Rate increases. As price trends have indicated, it is possible that the crypto economy will drop further in October.
What did you think of the September bitcoin price action? Is it possible that bitcoin's price could rise in October? Comment below to let us know your thoughts on this topic.
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By: Jamie Redman
Title: Historical Bitcoin Price Trends Are Traditionally Bearish in September, While BTC Market Revivals Follow in October
Sourced From: news.bitcoin.com/historical-bitcoin-price-trends-are-traditionally-bearish-in-september-while-btc-market-revivals-follow-in-october/
Published Date: Sat, 17 Sep 2022 17:30:49 +0000
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