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Is Bitcoin (BTC) Getting Ready for an October Price Rally?

Cryptocurrency Sep 29, 2022 06:30AM ET
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  • BTC’s price has risen 3.83% over the past 24 hours as month end approaches.
  • The price of the market leader is trading below the $20k resistance level.
  • The historical price movement for BTC in the months of September and October may playout this year.

As September comes to an end, the crypto market leader, Bitcoin (BTC), may enter into a mini rally since October has historically been a good month for the largest crypto by market cap.

At the time of writing, BTC’s price is standing below the $20k resistance level and is trading at $19,486.22 following a 3.83% increase in price over the past 24 hours. This is according to the crypto market tracking website, CoinMarketCap.

BTC/USDT monthly chart (Source: CoinMarketCap)

As indicated in the monthly chart of BTC/USDT, September saw BTC’s price perform negatively. BTC dropped 3.17% so far, as the month comes to an end. Furthermore, the chart shows a pattern in BTC’s monthly price movements.

Historically, September has been a poor month for BTC and October has seen its price rise. In some cases, BTC’s price even entered into a bullish rally.

The first occurence of this pattern can be seen in September 2019. During this month, Bitcoin’s price slipped 13.54%. Then, in the following month, its price recovered almost completely as it rose 10.27% in October 2019.

This pattern then continued in the following year as September 2020 saw BTC’s price drop 7.49%. Thereafter, the market leader’s price entered into the 2020/2021 rally, which started in October 2020.

At the moment, the current month has seen BTC reach its lowest point in its latest bear cycle – leaving many in the space believing that its bottom for this cycle has been established. The latest positive price movement for BTC may be an early sign of an October rally.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Is Bitcoin (BTC) Getting Ready for an October Price Rally? appeared first on Coin Edition.

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Is Bitcoin (BTC) Getting Ready for an October Price Rally?
 

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