The price of Bitcoin began the year on a high note, hitting a new all-time high by the end of the first quarter of 2024. However, the enthusiasm waned during the second and third quarters as the cryptocurrency largely remained in a consolidation range.
Contrary to predictions that September would further dampen the bullish momentum for Bitcoin, the premier cryptocurrency saw impressive gains. According to data from CoinGecko, Bitcoin’s price increased by more than 10% in September.
The question now is, what lies ahead for Bitcoin’s price after a strong September?
In a recent post on the X platform, noted crypto analyst Ali Martinez offered an insight into Bitcoin’s possible trajectory based on historical performance. Martinez pointed out that whenever Bitcoin closes September with a green monthly candlestick, it tends to experience even more substantial gains in October, November, and December—the final three months of the year.
Historically, September has been a bearish month for Bitcoin, ending with losses eight times in the past 12 years. For instance, the price declined by 19% in September 2014 and by 13.4% in September 2019. However, Bitcoin had green Septembers in 2015 and 2016, with gains of 2.35% and 6.04%, respectively.
This year, Bitcoin ended the third quarter with a 3.91% gain in September, potentially marking the beginning of a new bull run. In October 2023, Bitcoin’s price surged by 25%, setting off the bull rally. This was followed by a 9% rise in November and a 12% increase in December.
Historical data indicates that Bitcoin’s price tends to see more significant gains in the months following a positive September. For example, in 2015 and 2016—both years with positive Septembers—Bitcoin recorded double-digit gains in the final quarter.
Given this historical trend, Bitcoin appears poised for a significant rally in the coming months. If this projection holds true, the cryptocurrency could resume its bull run and potentially hit a new all-time high before the end of the year.
As of this writing, Bitcoin is trading just below the $66,000 mark, reflecting a slight 0.2% dip over the last 24 hours.
