Bitcoin

Bull Market

Rekt

September is often dubbed ‘Slumptember’ as Bitcoin and crypto assets have historically recorded losses during this month with the odd exception.
However, this September ended with the best performance, as noted by analyst Rekt Capital on Sept. 30.
He reported that BTC increased by 7.75% in September, beating its previous record of 6% in 2016. Moreover, eight of the previous 12 Septembers have <a href="https://cryptopotato.com/crypto-markets-dump-6-magnificent-7-shed-550b-as-slumptember-begins/" data-wpel-link="internal" rel="noopener noreferrer nofollow">resulted in losses</a> for the asset, with 2014 being the greatest at 19%.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#BTC</a>
 Don’t let a -5% dip distract you from the fact that Bitcoin has experienced its best September of all-time by producing a +7% monthly return<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/dQgbt6INvw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/dQgbt6INvw</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1840777339711398218?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 30, 2024</a>
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<h2 id="still-in-a-bull-market">Still in a Bull Market</h2>
CoinGecko records a slightly larger gain over the month with BTC trading as low as $57,750 on Sept. 1 and ending the month at $63,830 for a 10% gain, however, timezones are likely to come into play with these figures.
The good news is that the month of October is historically bullish, with nine out of the past 11 posting positive performances for BTC. Additionally, the past five consecutive years have seen gains ranging from 5.5% to 40% during the month, and that includes bear market years. Only 2018 and 2014 saw losses in October for BTC.
Moreover, seven of the past 11 years have seen gains in November, although Decembers are usually mixed.
The analyst also <a href="https://x.com/rektcapital/status/1840779045966930050" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">observed</a> that it was 163 days after the halving on Sept. 30. This is exactly the same number of days that it took BTC to break out from its reaccumulation range after the halving in 2020, he added.
CryptoQuant founder Ki Young Ju said that we were still in the middle of a bull cycle. This is despite this week’s market retreat and the ongoing range-bound price action.&nbsp;He explained that when market capitalization grows faster than realized capitalization, it may signal a bull market.
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 “This is likely due to more exchange trading in bulls and increased on-chain OTC activity in bears.”
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<blockquote class="twitter-tweet">
 Hey bears, I’m sorry, but <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> is still in the middle of the bull cycle. <a href="https://t.co/QkaZx7wmAt" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/QkaZx7wmAt</a> <a href="https://t.co/8lkIiRn1W7" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/8lkIiRn1W7</a>
 — Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1840693093362016487?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 30, 2024</a>
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<h2 id="btc-price-outlook">BTC Price Outlook</h2>
Despite the bullish sentiment, Bitcoin is still <a href="https://cryptopotato.com/crypto-markets-shed-60-billion-overnight-as-bitcoin-price-drops-toward-64k-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">in retreat</a>, falling 1.4% on the day to trade at $63,800 at the time of writing.
It failed to top resistance at $66,000 again on Sept. 30 and has dropped 4% since then. However, the asset <a href="https://cryptopotato.com/heres-why-bitcoin-gained-over-20-in-3-weeks-but-can-it-go-higher/" data-wpel-link="internal" rel="noopener noreferrer nofollow">remains up</a> almost 10% over the past fortnight and is still within its range-bound channel, which has continued since March.
Analysts remain confident that it could break out of this channel in October and reclaim $70,000.
The post <a href="https://cryptopotato.com/bitcoin-records-best-september-in-a-decade-what-will-happen-in-uptober/" rel="noopener noreferrer nofollow">Bitcoin Records Best September in a Decade, What Will Happen in ‘Uptober’?&nbsp;</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Records Best September in a Decade, What Will Happen in ‘Uptober’?

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