This Friday (30) Bitcoin will end another “red September”. At the moment the decrease is 1.21% and not that big compared to the same period of other years.
In addition, given the pressure from the Fed’s monetary policy, we can say that bitcoin has sustained the blow and has risen again shortly after scaring investors with a decline due to the rise in US interest rates.
Still, this will be the 8th month of September with losses over the past 10 years. However, the good news is that Bitcoin has a great track record in the months of October, as seen below.
October is one of the best months for Bitcoin
In the past 9 years, Bitcoin has reached a monthly high in October 7 times. At its peak, it shot up about 60% in 2013, 48% in 2017 and 40% last year. A big contrast to the previous month.
While past data is no guarantee that a particular pattern will repeat in the future, any information can be used for a more complete analysis of Bitcoin price.
Another point that draws attention is Bitcoin’s second October drop. After all, this happened in 2014 and 2018, years following the cryptocurrency’s first two major rallies.
As we go through a third rally in 2021, the pattern may now repeat for a third time, with more crashes ahead. That is why it is important to analyze this data calmly.
In any case, the recent entry of major players such as BlackRock and other Wall Street giants is reason to believe in Bitcoin’s recovery, including in the medium to long term.
End-of-year rally unlikely, but good to be prepared
With investors avoiding riskier investments due to the global economic situation, it’s hard to imagine a year-end rally in the coming months.
Still, it’s worth noting that Bitcoin is a good safe haven while other currencies lose value against the dollar. Therefore, nothing prevents a new demand for BTC from suddenly arising.
Moreover, the industry is recovering well from the Terra (LUNA) fiasco and the bankruptcy of other companies that had BTC investments and had to liquidate them against their will.
Finally, while it’s hard to believe in a meteoric rise for the month of October, it’s good to have some satoshis in your wallet. After all, the worst is over.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
