Bitcoin logged price losses once again for the crypto asset’s fifth consecutive September in its lifetime, but as soon as the month ended, billions of dollars came back into the crypto economy. The metrics show that while September has always been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013.
Bitcoin Has Been Profitable in October 77% of the Time
In 2020, the price of bitcoin (BTC) closed the month of September at around $10,750 per unit but the following month, BTC spiked 25% to roughly $13,450 per unit. This year, September has been gloomy in terms of prices, and many crypto supporters have asked to be woken up at the end of “September.” On September 26, Civic co-founder Vinny Lingham wrote: “This feels like September 2017 again… Who remembers what happened next?”
On October 1, 2021, BTC rose from $ 43,500 per unit to Friday’s high of $ 48,500 per BTC. That’s an increase of around 11.49% and the spike happened very quickly at around 3 a.m. (EST) in the morning.
Prior to July and August, BTC saw about three months of negative returns, and in September, prices fell into the negative range again. The downward drop was blamed on China cracking down on bitcoin (BTC) and cryptocurrency exchange for the seventh time since 2013.
Bitcoin also suffered losses the day El Salvador adopted cryptocurrency as legal tender, and furthermore, BTC slipped when the Evergrande real estate crisis rocked the global economy.
While September Was Sluggish, Institutional Bitcoin Products Saw Some Upside
All of these dips took place after BTC reached a high of $52K before September started and crypto markets looked seemingly bullish at the time. While September prices weren’t that hot, metrics from a recent Cryptocompare report showed that institutional products linked to BTC saw some uptick.
“Bitcoin-based products saw the highest level of inflows out of any asset, averaging $31.2 million per week,” Cryptocompare’s research details. “There could be upside going into the last quarter of 2021.”
As BTC approached the $ 50,000 zone on October 1, the crypto asset has some resistance to contend with at $ 50,000 and even more when it hits $ 53,000. Moreover, as bitcoin (BTC) has seen profitable increases in value during the month of October since 2013, the months of November and December have seen much larger spikes in value.
