Bitcoin price today dropped below $54,000 and this means BTC price has decreased by 10% in the last 7 days.
Rekt Capital reminds us that Bitcoin has lost 6.19% of its value since the beginning of September. However, we can say that this is normal for this month considering that Bitcoin has seen single-digit declines in September 2022, 2021, 2020, 2018, and 2017.
In another tweet, Rekt Capital once again reminded us that this is a halving year and therefore we can compare Bitcoin's performance in September and October in halving years.
“2016: September increased +6% followed by October increased +14%
2020: Down -7.5% in September followed by +27.7% increase in October
2024: Currently -9% down in September… Double digit growth potential in October awaits.”
#BTC Bitcoin is currently in a Halving yearSo it makes the most sense to compare 2024 to previous Halving years2016: +6% up in September followed by +14% up in October20: -7.5% down in September followed by +27.7% up in October2024: Currently -9% in September…
If Bitcoin continues to perform according to October’s performance in halving years, that means BTC price by the end of next month could range from $61,200 to $68,500.
Of course, historical records do not necessarily mean anything, they are just indicators.
Bitcoin also tends to do well after US elections. In 2020, the price of BTC rose from around $14,000 to $24,000 between the US election and the end of the year. (This represents a 71.4% increase.) In 2016, the price of Bitcoin rose from $740 to $960 during the same period (a 30% increase).
Despite this month’s drop, Bitcoin’s price has held up quite well considering the historically bad month for BTC and cryptocurrencies, as well as the continued outflows from Bitcoin ETFs.
Read More: This Bitcoin Whale Is Buying the Dip! Crypto Trader Predicts BTC Will Hit $62,000 Next
The main point I want to make here is that now could be the time to accumulate Bitcoin. With the expected rise in October and after the US elections, the king of crypto could be held until the end of the year, when we could think about taking profits if we reach $80-85k (which is possible when we consider previous halvings and US election years).
invest unless you are prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more Visit eToro now Active user community and social features such as news feeds, chats on specific currencies available for trading. Wide range of assets: cryptocurrencies along with other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of top traders, free of charge. User-friendly: eToro's web-based platform and mobile apps are user-friendly and easy to navigate.
