- September historically bearish, October often sees strong crypto gains.
- Bitcoin shows consistent October recovery with 22.9% average gain.
Historically, September has been a challenging month for financial markets, including the cryptocurrency sector. Over the past decade, Bitcoin (BTC) has declined during September in 8 out of 11 years, with an average drop of around 8%. This pattern aligns with broader market trends, as September tends to be bearish across various asset classes.
However, the tide often turns in October. Bitcoin has shown positive returns in 9 of the last 10 Octobers, with an average gain of 22.9%, reaching highs above $60,000 in 2021. This makes October one of the strongest months for the cryptocurrency. Analysts attribute this seasonality to various factors, including renewed market optimism and strategic positioning by institutional investors as the year-end approaches. The historic trend has become a hot topic in the community, bringing in new predictions. Bitcoin is expected to surge past $70K and hit new highs.
The bullish sentiment isn’t limited to Bitcoin. Market analysts are also eyeing Ethereum (ETH) for a potential rally. Despite ETH’s struggles to break past the $2,700 resistance level, analysts like Poseidon and Elja Boom predict a price surge in the fourth quarter of 2024.
They note that ETH’s price action has been consolidating, setting the stage for a breakout above the $3,000 psychological barrier. Whales have accumulated significant amounts of Ether, signalling confidence in a forthcoming rally.
October – The Bullish Month?!
XRP, another major cryptocurrency, has also shown resilience around the $0.55 mark. Despite recent declines, technical indicators suggest potential for a bullish trend if the $0.61686 resistance is breached. However, market volatility remains high, and traders are advised to monitor key indicators closely.
As October approaches, the crypto market’s historical trends and current analyst projections suggest that the bearish pressures of September could give way to a robust rally, particularly for BTC and ETH. Investors and traders will be watching closely to see if these patterns hold true in 2024.
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