Whoever has been in crypto for more than 5 years, like I have, knows that September is historically not a good month for Bitcoin and the crypto market in general.
Let me break down some historical data so you understand what I mean by this.
Bitcoin’s September Performance: A Historical Perspective
So, out of the 11 years from 2013 to 2023, 8 years had negative returns, and only 3 years saw positive returns in September.
The median return for September is -5.58%, indicating that, on average, Bitcoin experiences a decline during this month. The most significant September decline occurred in 2019 with a return of -13.38%, while the most substantial positive return was in 2015 at +2.35%.
In recent years (2020-2023), September has consistently been a challenging month for BTC, with returns of -7.51% (2020), -7.03% (2021), -3.12% (2022), and +3.91% (2023). Notably, 2023 showed a slight deviation from the negative trend with a +3.91% return in September, breaking the negative streak observed in the previous three years.
It is almost September.Historically, it has been a terrible month for #Bitcoin…Throughout history, Bitcoin closed September with a green candle only 3 times. pic.twitter.com/6KpJLfOQzO
— Crypto Rover (@rovercrc) August 26, 2024
Bullish Bitcoin Price Prediction for September by CoinCodex
CoinCodex is a platform dedicated to providing real-time data and information on cryptocurrencies. They constantly update their crypto price predictions for various coins, and Bitcoin’s forecast is particularly interesting to me.
Despite September being a traditionally slow month for crypto, they predict that the BTC price will pump 35% one month from now, which means Bitcoin would be above $86k. Current levels are around $63k, so this would be a huge jump that would likely propel altcoin prices up as well.
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How realistic is this? It remains to be seen, but considering Bitcoin’s strongest September was around +6%, I believe this is unlikely.
CoinCodex states they use technical indicators to make cryptocurrency price predictions and estimate cryptocurrency prices in the future. The technical indicators used include popular tools such as moving averages, RSI, and MACD.
Read also: Bitcoin Bulls Are Now In Control – Will BTC Price Break $70k This Week?
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