While Bitcoin struggled historically in September, recent development points to a shift in this pattern.
According to CoinGlass, Bitcoin closed in September with positive returns only four times in 12 years. Despite this negative history, Bitcoin has experienced a notable shift in the past two years, closing September on a positive note in both instances.
Notably, in 2023 and 2024, Bitcoin recorded a 3.91% and 7.29% gain for September, respectively. This recent strength has sparked optimism among analysts and experts regarding Bitcoin’s future price action.
Projections Following a Green September
Following Bitcoin’s positive September close, a Bitcoin insight and commentary provider shared price projections based on historical patterns. It indicated that Bitcoin could surpass $100,000 by the end of the year if it follows the average gains made after a green September.
The projection suggests an October price of $80,518.40, rising to $89,727.02 in November and hitting $106,718.33 by December.
Historically, October has been one of the most profitable months for Bitcoin, with significant average returns of 20.66% over the past decade. While November boasts the highest average of 46.81%, December follows with more moderate gains of 5.45%.
These figures highlight the potential for continued upward movement, as Bitcoin has traditionally performed well in the last quarters of the year.
Market Experts Weigh In
In addition to these projections, market analyst Ali Martinez recently emphasized the significance of Bitcoin’s green September close. Martinez pointed out that previous positive Septembers, such as in 2015 and 2016, led to even more significant gains in October, with Bitcoin increasing by 33.49% and 14.71%, respectively.
Martinez noted that Bitcoin’s recent 3.91% gain in September 2023 could similarly precede a substantial rally, as evidenced by past performances. This pattern suggests that Bitcoin may see another strong October, potentially setting the stage for further gains throughout the rest of the year.
Veteran Analyst Doubts Bitcoin Uptrend
However, not all experts share the same optimism. Veteran trader Peter Brandt highlighted concerns about Bitcoin’s longer-term trend, stating that the recent rally did not break the established bearish structure.
According to Brandt, Bitcoin has been exhibiting a pattern of lower highs and lower lows for over seven months. For Bitcoin to confirm a significant bullish reversal, Brandt stressed the need for the asset to close above $71,000 and establish a new all-time high.
Brandt also identified two critical resistance levels, at $70,602 and $73,808, which have repeatedly blocked Bitcoin’s upward momentum. Without surpassing these levels, Bitcoin is expected to remain in a consolidation phase with periodic massive declines.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
