Half of September has passed. As September has traditionally been a bearish month for crypto prices, traders are wondering about the price’s next direction. Also, there are expectations for October to be a bullish month as the Bitcoin price was more than 77 percent profitable in October. The data shows that the price trend of the leading crypto asset may not break the historical trends of September, but it may see a very good revival next month. Here are the details…
Bitcoin traders expect September to end
This month’s Bitcoin price data shows that Bitcoin (BTC) has followed the trend over the past decade. Typically in September, BTC prices moved horribly. This month has been no different. 3,303 days ago; Bitcoin prices fell from $240 to $138 per unit on September 1, 2013. Bitcoin prices were also in the red in September 2014 as the value of BTC started the month at $482.28 per unit. The value of BTC fell 21.79 percent to $377.18 at the end of September 2014.
Similarly, in 2015, BTC’s value in September was higher on the first day of the month. It ended at a lower level after 30 days. In 2016, the value of BTC fell by 1.41 percent in September, and in September 2017, the price of BTC fell 19.64 percent over a 30-day period. From the beginning of September 2018 to the end of the month, the value of Bitcoin dropped 8.89 percent. In September 2019, BTC lost roughly 16.94 percent over the month. September 2020 was a good month for BTC as it continued to rise and gained 4.81 percent against the US dollar at the time.
Most people remember what happened in 2021 because the price of BTC was lower and the bearish trend gripped the community last September. BTC was performing below average in September 2021. However, the price recovered in October and hit an all-time high on November 10, 2021. In other words, the formations of the last ten years show that September is generally in a downward trend, whereas October, on the contrary, is in an upward trend.
What are analysts saying for Bitcoin price?
Also, the BTC price in the last two weeks has already dropped after a short spike that occurred before the merge. Kitco market analyst Jim Wyckoff noted on Friday that BTC markets are in their quiet and consolidated phase. Wyckoff made the following statement on September 16:
Price action is quieter, sideways and volatile, with bulls and bears generally at the same level on the short-term technical playing field. A move above the chart resistance in prices from this week’s high will rekindle the bulls, suggesting more gains.
However, the crypto economy has been associated with US stocks for the past 12 months or more. As we have reported as Kriptokoin.com, the US Federal Reserve is expected to increase the benchmark interest rate by 75 basis points next week. It seems quite possible that Bitcoin (BTC) prices will fall one more step after the federal bank rate is increased. According to experts, if the crypto economy falls further, a recovery in October is also quite possible, as price patterns have shown in the past.
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