Bitcoin just had its best September in history

This year, Bitcon’s September returns recorded a positive 7.29%. Since its inception, Bitcoin has spent most of September in the red. However, it bucked that trend this year. 

According to CoinGlass, Bitcoin only managed to stay in the green in four previous Septembers, which happened in 2015, 2016, 2023 and now in 2024. In September 2015, BTC achieved positive returns of +2.35%, then +6.04% after 12 months. In September 2023, BTC recorded +3.91%. 

This year, Bitcoin reached new levels, gaining +7.29%. According to historical data, when Bitcoin has a positive September, the market always takes off parabolically.  

Bitcoin over performs in September

BTC started the past month at a price of $58,253.18 and continued to decline until September 7 when it reached $53,304.62. After that, the coin started climbing the chart and recorded a high of $65,934 on the 28th, almost touching the $66,000 mark.  

The price surge could be attributed to many reasons. First, Bitcoin Spot ETFs recorded a staggering net inflows of $494.27 million during the last 30 days. Additionally, Bitcoin whales such as Microstrategy and Metaplanet have accumulated Bitcoin heavily. Microstrategy added 25,720 BTC last month only. That’s equal to $1.637 billion. Metaplanet purchased 146.37 BTC, equivalent to $9.31 million. 

Centralized exchanges saw a decline in the total amount of BTC coins held. In the last 30 days, centralized exchanges saw an outflow of 45,544.27 BTC coins. That’s a decrease from 2.9 million BTC to 2.3 million coins. This indicates that retail investors and whales are holding Bitcoin strong. 

JUST IN: #Bitcoin had its BEST EVER price performance in September!

Bullish 🚀 pic.twitter.com/EI6mxwHnpo

— Bitcoin Magazine (@BitcoinMagazine) October 1, 2024

Will Uptober bring an all-time high?

Many Bitcoin enthusiasts are looking forward to October, aka Uptober. According to CoinGlass, Bitcoin has always been in the green during October except in 2014 and 2018, and those were during bear markets. 

Historical charts show that BTC always starts October with a red candle in the first week. After that, the trend changes and BTC begins to climb higher. The short-term price action is expected to become volatile. 

MisterCrypto predicted that Bitcoin might hit $80,518.40 in October, followed by $89,727.02 in November, then break the $100k mark in December. His prediction is based on the average gains of Bitcoin during Q4. 

Currently, Bitcoin is standing at $62,636.73, with a 2.2% decline in the last 24 hours, and a 24-hour trading volume of $33.5 million. 

Source link