Bitcoin recorded price losses again on the fifth consecutive September of the crypto asset in its lifetime, but once the month ended, billions of dollars returned to the cryptocurrency economy. Metrics show that while September has always been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013.
Bitcoin was profitable in October 77% of the time
In 2020, the price of Bitcoin (BTC) closed in September at around $10,750 per unit, but in the following month, the price of Bitcoin surged 25% to nearly $13,450 per unit. This year, September has been bleak in terms of price, and many crypto proponents have asked to be woken up at the “end of September.” On September 26, Civic co-founder Vinnie Lingham books: “It’s like September 2017 again… Who remembers what happened next?”
On October 1, 2021, the bitcoin price rose from $43,500 per unit to a Friday high of $48,500 per bitcoin. This is an increase of about 11.49% and the rise happened very quickly around 3 a.m. (EST) in the morning.
Prior to July and August, BTC experienced nearly three months of negative returns, and in September the price slipped back into the negative range. The downward slide was blamed on China cracking down on bitcoin (BTC) and cryptocurrency exchanges for the seventh time since 2013.
Bitcoin also saw losses on the day El Salvador adopted the cryptocurrency as legal tender, and BTC slipped when the Evergrande real estate crisis rocked the global economy.
While September was a slow month, institutional Bitcoin saw some upside
All of these declines occurred after BTC reached $52,000 before the start of September, and the crypto markets seemed to look bullish at the time. Although September prices were not very high, metrics from the latest Cryptocompare report showed that institutional products linked to BTC saw some upside.
“Bitcoin-based products saw the highest level of inflows of any asset, averaging $31.2 million per week,” according to a Cryptocompare research detail. “There may be an upward trend in the last quarter of 2021.”
While BTC approached the $50K area on October 1, the crypto asset has some resistance to fight at $50K and more when it reaches $53,000. Moreover, since Bitcoin (BTC) has seen profitable increases in value during October since 2013, November and December have seen an even greater rise in value.
What do you think of Bitcoin’s performance during September and trends related to Bitcoin’s performance in October over the past few years? Tell us what you think about it in the comments section below.
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