Historical Bitcoin Price Trends Are Traditionally Bearish in September, While BTC Market Revivals Follow in October – Market Updates Bitcoin News

Since September was half over, bitcoin traders have been curious to know where the next price will be. As September is usually a bearish month for crypto-price movements, this curiosity has led to half of September being gone. Also, October has been known as a bullish month. Bitcoin was profitable more than 77% of its time in October. Data shows the leading crypto asset’s price trend may not break September’s historical trends, but very well could see a revival next month.

Bitcoin traders patiently wait for September to end

This month’s bitcoin price data indicates that bitcoin (BTC) is following the same trend it has followed over the last decade. BTC prices for September tend to be terrible, as usual. On September 1, 2013, bitcoin prices dropped from $240 per unit to $138. Bitcoin prices were in the red in September 2014 as well, as BTC’s U.S. dollar value started the month at $482.28 per unit. BTC’s USD value slipped that month 21.79% lower to $377.18 per coin by the end of September 2014.

Historical Bitcoin Price Trends Are Traditionally Bearish in September, While BTC Market Revivals Follow in October
Chart of Bitcoin/ U.S. Dollar for 30-days on September 17, 2022

Similarly in 2015, BTC’s value in September was higher during the first of the month, and ended lower 30 days later. In 2016, BTC’s value in September dropped 1.41% lower and in September 2017, BTC’s price lost 19.64% that month during the 30-day span. From the beginning of September 2018 to the end of the month, bitcoin’s U.S. dollar value shed 8.89%. BTC fell 16.94% over the course of September 2019. BTC was bullish in September 2019, and it gained 4.81% against U.S. Dollar at that time.

Most people remember what happened in 2021, as BTC’s price was lower and bearish sentiment engulfed the trading community last September. BTC’s September 2021 price was subpar. However, it rebounded in October to reach a lifetime high of November 10th 2021. The past decade of September bearishness has led traders to wish that October’s bulls would wake them up. These patterns show that although September is generally bearish, October tends to be bullish.

Bitcoin price moves sideways; Crypto traders await Fed rate hike, October price patterns give hope

Moreover, BTC’s price during the last two weeks has already dropped lower, after a brief spike that took place before The Merge. Jim Wyckoff, Kitco.com’s market analyst noted that BTC markets have been quietening and are consolidating. “Price action is quieter, sideways and choppy, with bulls and bears on a level overall near-term technical playing field,” Wyckoff explained on September 16. “A drop in prices below chart support at the September low would give the bears fresh power to suggest a new 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.

But, crypto currencies have been closely correlated with U.S. equity prices over the last twelve months. Next week, however, the U.S. Federal Reserve plans to increase the benchmark interest rates by 75 basis points. It’s quite possible that bitcoin (BTC) prices drop another leg down after the federal bank rate is increased. If the crypto economy does drop lower, it’s also quite possible a rebound in October could come to fruition as price patterns have shown in the past.

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What do you think about this September’s bitcoin price action? Do you think bitcoin’s price could see a revival in October? Please comment below on your views.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been actively involved since then. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 6000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.

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