- September is a historically bad month for Bitcoin because throughout its history, digital gold has shown poor performance during this month as well as the rest of the crypto ecosystem.
- From 2013 to now, Bitcoin has registered red numbers seven times in September, as reflected in the user’s graph.
In the world of specialists, the stories that are repeated over and over again are not called coincidences but trends. Technical analysis, for example, uses many of these parameters to delineate when the graph of an asset can go up or down, determining resistance and support. Following this line: September is a historically bad month for Bitcoin.
The ninth month of the year has shown a poor performance of digital gold as well as the rest of the crypto ecosystem throughout its history. And in a clear bear market like the one we are currently experiencing, this record sets off all kinds of alarms…
From 2013 to this part, seven times it registered red numbers in September, as reflected in the user’s graph @GrandMag0. In 2013 it was -1.76% after a huge growth in August (30.42%). The following year it lost -19.01%, while the exceptions were in 2015 and 2016 when it increased 2.35% and 6.04%, respectively.
In September 2017, the worst string in the history of the creation of BTC began. That month ended -7.44% and then continued with -5.58% (2018), -13.38% (2019), -7.51% (2020), and -7.03% (2021).
If the current September ends in red, BTC will have set a new negative record: it has never been in the same negative month for more than five years. January has not been a positive time either, but after five painful seasons, in 2020 it rose 20.95%. In 2021 it would repeat the green wave: +14.51%.
September, a complicated month
With the aforementioned background, Scott Redler, chief strategist at T3 Trading Group, revealed that he thinks this month will be tough and gives as an example the chart of 2021, in which the bulls could not sustain the price. Redler scored “important technical points that had triggered a downtrend in its price”, according to the media News BTC.
Currently an important barrier in the price of BTC is $17,700 dollars since this represents the minimum of the last few months: on June 18 that floor was given. Missing the mark could mean a significant decline for the main cryptocurrency in the market and analysts only see possible resistance at $13,500. Even Redler believes that the $10,200 point could be reached.
Falling to the barrier of 13,500 would mean a correction close to 32%, while kissing 10,200 would mark -49%. The worst month in the entire history of BTC was in June 2022 with -37.28%.
Should BTC hold up and the bulls triumph against the bears, the price could shoot up 20% and hit the $25,000 mark, which is resistance today. That was the highest point of the last 30 days.
February, the opposite of September
Just as September brings headaches to holders, February is the big month for Bitcoin. From 2013 to date only two years can be seen red when the rest is pure green. In 2014 it fell -31.03% and in 2020, -8.6%.
The good times saw growth of 61.77% (2013), 18.43% (2015), 20.08% (2016), 23.07% (2017), 0.47% (2018), 11.14% (2019), 36.78% (2021) and 12.21% (2022).
October has also been a good month for BTC with just two times in the red. In 2022 it could mimic the good performance of February. So a difficult September could come with relief 30 days later…
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