Analytics
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As September draws to a close, some users are wondering if market leader Bitcoin could be holding a mini-rally, keeping in mind that October has historically been a good month for the largest cryptocurrency by market capitalization.
On the evening of October 29, BTC was below the $20k resistance level and was trading at $19,300 (data from CoinMarketCap).
BTC/USDT Monthly Chart (Source: CoinMarketCap)
As shown on the monthly BTC/USDT chart, in the last days of September, the price of BTC showed a negative trend with a drop of 3.17%. In addition, the chart shows the pattern of monthly BTC price movements.
Historically, September was a bad month for bitcoin, and in October its price rose. In some cases, the price of BTC has even started a bullish rally.
The first appearance of this model can be seen in September 2019. Then the price of bitcoin fell by 13.54%, but the next month it almost fully recovered, rising by 10.27%.
This pattern repeated the following year as BTC price fell 7.49% in September 2020, however, the market leader’s price entered the October 2020 rally after that.
This September, BTC reached the lowest point of the bearish cycle, which led analysts to talk about reaching the bottom of the cycle. The recent rises in the price of bitcoin may be the harbingers of the October rally.
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