September is often referred to as “Bad September” because Bitcoin and crypto assets historically tend to lose money during this month, but there are exceptions.

However, as analyst Rekt Capital noted on September 30, this September has been the best month of the year.

He reported that Bitcoin rose 7.75% in September, surpassing the previous record of 6% in 2016. Moreover, eight of the past 12 Septembers have resulted in losses for the asset, with the highest loss of 19% in 2014.

Still in a bull market.

Data from CoinGecko shows slightly larger gains this month, with Bitcoin trading at a low of $57,750 on September 1 and rising to $63,830 by the end of the month, a 10% increase. However, time zone factors may have an impact on these figures.

The good news is that October is historically a bullish month, with Bitcoin performing well in nine of the past 11 Octobers. Moreover, over the past five years, gains in October have ranged from 5.5% to 40%, including bear market years. The only Octobers in which Bitcoin fell were 2018 and 2014.

Furthermore, while December performance is typically mixed, November has been positive in seven of the past 11 years.

The analyst also observed that 163 days have passed since the halving on September 30. He added that this is the exact same number of days it took Bitcoin to break out of the re-accumulation range after the 2020 halving.

CryptoQuant founder Ki Young Ju said that despite this week’s market pullback and continued range-bound price movement, we are still in a bull cycle. He explained that when market capitalization increases faster than actual market value, this can signal the arrival of a bull market.

“This could be due to more trading on exchanges during bull markets, and more OTC activity on-chain during bear markets.”

BTC price outlook.

Despite the bullish sentiment, Bitcoin is still retreating, down 1.4% on the day and trading at $63,800 as of writing.

On September 30, Bitcoin failed to break through the $66,000 resistance level again and has since fallen 4%. However, in the past two weeks, Bitcoin is still up nearly 10% and remains within the range-bound channel that has been maintained since March.

Analysts remain confident that it can break out of this channel in October and reclaim $70,000.

The article is for reference only and does not constitute investment advice.