With its recent incredible performance, analysts believe that Bitcoin has the potential to surpass $70,000 this September.

After a long period of stagnation, Bitcoin (BTC) is finally gaining momentum, with the king coin rising to a monthly high of $64,060. Although BTC has broken through the key resistance level of $60,000, the crypto community still has high expectations for the asset.

Bitcoin's Historical Performance in September

This surge has fueled optimism in the Bitcoin and cryptocurrency markets in general, while also surprising many analysts given that September has historically been a bearish month for BTC over the past few years.

According to CryptoRank, over the past 12 years, there have been eight years that have seen “red Septembers,” meaning Bitcoin ended the month lower than it started. However, the few green closes have always been followed by significant price increases in the final three months of the year.

For example, in 2015, when Bitcoin ended September with a 2.52% gain, October, November, and December all recorded massive gains of 33.1%, 19.8%, and 14.1% respectively.

In 2016 and 2023, when Bitcoin saw a slight increase of 5.94% and 3.99% respectively in September, the asset immediately followed that up with a staggering growth of 14.9% and 28.5% respectively in October.

Based on historical signs, if Bitcoin continues to record gains in September this year, it is very likely to receive an incredible rally in the remaining three months of the year, with October in particular being the most important month for BTC.

Bitcoin Potential to Hit $70,000 This Month

According to data from Changelly, Bitcoin has the potential to surpass the $70,000 mark this month. The platform's prediction feature suggests that BTC is likely to hit a new ATH of $76,139 on September 29 after a nearly 20% rally.

It is worth noting that Bitcoin hit an all-time high of $73,750 six months ago. Although the asset is currently trading 13% below its peak, its recent performance suggests strong short-term growth potential.

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