Historically, September has been the weakest month for Bitcoin in recent years. But the strong start of the month this year gives hope. Will everything be different this time?
September is traditionally a real epidemic month for Bitcoin. According to data from the portal bybt.com Since 2013, he has only achieved a positive monthly performance in two out of eight years – 2015 and 2016. And even then, the price gains on a monthly basis were comparatively meager at 2.4 and 6.0 percent respectively.
In comparison, the start in September 2021 is extremely promising. Since the beginning of the month, the digital reserve currency has already gained around 11.6 percent. Much more important than the percentage price gain, however, is that important chart brands were also regained with it.
Bitcoin cracked the psychologically important 50,000 mark at the weekend and then directly overcame the chart resistance zone in the range of up to 51,000 dollars. Follow-up profits have now pushed him to the highest level in nearly four months at $ 52,854. On Tuesday morning, it was trading 1.5 percent higher at $ 52,560 on a 24-hour basis.
The rally can go on
Looking at the chart, there is nothing to prevent the current upward movement from continuing or even accelerating. In this case, Bitcoin would also break its September curse and possibly set a new performance record for this month – although the bar is admittedly quite low at a good six percent.
Even if Bitcoin is known to move cyclically, there is no automatism that historical patterns have to repeat themselves. However, given the poor September performance of the past few years, that’s good news.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.