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Bitcoin right now we are showing bullish price action that has sparked optimism among crypto investors. The cryptocurrency recently fell above the $60,000 psychological price barrier after three weeks that served as a formidable resistance level. Since breaking past $60,000, Bitcoin has continued its run and is up 9.8% over the past seven days. Interestingly, the crypto rose 20% from its lowest point of $52,827 this month.
This price increase comes at a critical point for Bitcoin, as September has always been a make-or-break month for Bitcoin price performance in the fourth quarter of the year. According to price data from Coinglass, a close in the green in September was a precursor to strong performance in October, November, and December.
Historical Trends and Significance of Green September
A ‘green’ September refers to a Bitcoin that closes the month with a gain or an increase in overall price from its opening on the first day of the month. During Bitcoin’s 12-year history, the cryptocurrency has seen eight ‘red’ Septembers, when prices closed lower than before in the month. In contrast, only three Septembers ended in green. However, these unusual green closes have been leading to strong rallies in the subsequent months of October, November, and December.
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The first example of a blue September came in 2015 when Bitcoin was able to close with a low gain of 2.35%. This seemingly small victory set the stage for gains in the following months, when Bitcoin increased by 33.49% in October, 19.27% ​​in November, and 13.83% in December. The last green September happened not too long ago in 2023. This led to a significant bull run and monthly green candles for the next six months, culminating in Bitcoin reaching a new high in March 2024.
What to Expect from Bitcoin Price
At the time of writing, Bitcoin is trading at $63,640. Bitcoin has seen an influx of investment over the past few days, which has flowed into other cryptocurrencies. The entire crypto market cap now stands at $2.21 billion, which is an 8.33% seven-day increase.
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Notably, the increase in cryptocurrency prices is mainly due to the decision of the United States Federal Reserve cutting its benchmark interest rate the average is 50 points. Movement, which was the first rate has been reduced over a period of one yearit is considered more suitable for risky assets like Bitcoin.
Looking ahead, price cuts are expected in the coming months. According to CME Group’s FedWatch Tool, investors currently have a 100% chance of another rate cut at the Fed’s next meeting on November 7. it shows Bitcoin well and the broader crypto market, as continued declines can lead to continued price increases. Crypto investors he can look forward to Bitcoin’s months of positive price action, the next target is a breach above $65,000, $67,000, and $70,000.
The featured image was created with Dall.E, a chart from Tradingview.com