Bitcoin is set to finish September with a surprising 9% gain, its best performance for the month since 2013, defying its typical bearish trend. Historically, September has been a difficult month for Bitcoin, with negative returns in eight out of the last 10 years. However, this year’s unexpected growth is setting the stage for a promising October, a month that has traditionally been bullish for the cryptocurrency.
Currently hovering around $64,000, Bitcoin’s positive momentum is leading some traders to predict a potential rise to $70,000 in the coming weeks. Since 2013, Bitcoin has only experienced two negative Octobers, and when September has ended in the green, the cryptocurrency has consistently seen gains through October, November, and December. In some years, October gains have reached as high as 60%, with an average increase of 22%.
The positive shift in September is likely due to several factors, including global monetary easing policies, increased institutional investments, and favorable political sentiment in the U.S. ahead of November elections. Both political parties have expressed support for the cryptocurrency market, adding to investor confidence.
Market experts believe that this bullish trend will continue into the fourth quarter, with macroeconomic conditions providing a strong tailwind for crypto prices. According to Augustine Fan, head of insights at SOFA, the favorable global financial environment is expected to boost crypto assets, and investors are likely to adopt “buy-the-dip” strategies as Bitcoin remains strong.
With Bitcoin defying its usual September slump, traders are optimistic that the cryptocurrency will continue its upward trajectory, setting the stage for a potentially record-breaking close to the year.
