Bitcoin Records Best September in a Decade, What Will Happen in ‘Uptober’?

September is often referred to as “Slumptember” as Bitcoin and crypto assets have historically recorded losses during this month with one rare exception.

However, this September ended with the best performance, as analyst Rekt Capital noted on September 30.

It reported that BTC rose 7.75% in September, surpassing its previous record of 6% in 2016. Additionally, eight of the previous 12 Septembers have resulted in losses for the asset, with 2014 the largest, with 19%.

#BTC

Don’t let a -5% drop distract you from the fact that Bitcoin has had its best September ever producing a +7% monthly return.$BTC #Crypto #Bitcoin pic.twitter.com/dQgbt6INvw

— Rekt Capital (@rektcapital) September 30, 2024

Still in a bull market

CoinGecko sees a slightly larger gain for the month, with BTC trading as high as $57,750 on September 1 and ending the month at $63,830 for a 10% gain, however, time zones are likely to enter I play with these numbers.

The good news is that the month of October is historically bullish, with nine of the last 11 positive results for BTC. Also, the past five consecutive years have seen gains ranging from 5.5% to 40% on the month, and that includes bear market years. Only 2018 and 2014 saw losses in October for BTC.

Also, seven of the last 11 years have seen increases in November, although Decembers tend to be mixed.

The analyst also noted that it was 163 days after the halving on September 30. This is exactly the same number of days it took BTC to break out of its rally range after the halving in 2020, he added.

CryptoQuant founder Ki Young Ju said we were still in the middle of a bull cycle. This is despite this week’s market pullback and ongoing range-bound price action. He explained that when market capitalization grows faster than realized capitalization, it can indicate a bull market.

“This is likely due to more bull trading and increased OTC activity on the bearish chain.”

Hi bears, sorry but #Bitcoin it is still in the middle of the bull cycle. https://t.co/QkaZx7wmAt pic.twitter.com/8lkIiRn1W7

— Ki Young Ju (@ki_young_ju) September 30, 2024

BTC Price Outlook

Despite the bullish sentiment, Bitcoin is still in retreat, falling 1.4% on the day to trade at $63,800 at the time of writing.

It failed to break above the $66,000 resistance again on September 30 and is down 4% since then. However, the asset continues to rise nearly 10% over the past fortnight and is still within its limited channel, which has continued since March.

Analysts are confident it could break out of that channel in October and claim $70,000.

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