Bitcoin Records Best September in a Decade, What Will Happen in ‘Uptober’? 

September is often dubbed ‘Slumptember’ as Bitcoin and crypto assets have historically recorded losses during this month with the odd exception.

However, this September ended with the best performance, as noted by analyst Rekt Capital on Sept. 30.

He reported that BTC increased by 7.75% in September, beating its previous record of 6% in 2016. Moreover, eight of the previous 12 Septembers have resulted in losses for the asset, with 2014 being the greatest at 19%.

#BTC

Don’t let a -5% dip distract you from the fact that Bitcoin has experienced its best September of all-time by producing a +7% monthly return$BTC #Crypto #Bitcoin pic.twitter.com/dQgbt6INvw

— Rekt Capital (@rektcapital) September 30, 2024

Still in a Bull Market

CoinGecko records a slightly larger gain over the month with BTC trading as low as $57,750 on Sept. 1 and ending the month at $63,830 for a 10% gain, however, timezones are likely to come into play with these figures.

The good news is that the month of October is historically bullish, with nine out of the past 11 posting positive performances for BTC. Additionally, the past five consecutive years have seen gains ranging from 5.5% to 40% during the month, and that includes bear market years. Only 2018 and 2014 saw losses in October for BTC.

Moreover, seven of the past 11 years have seen gains in November, although Decembers are usually mixed.

The analyst also observed that it was 163 days after the halving on Sept. 30. This is exactly the same number of days that it took BTC to break out from its reaccumulation range after the halving in 2020, he added.

CryptoQuant founder Ki Young Ju said that we were still in the middle of a bull cycle. This is despite this week’s market retreat and the ongoing range-bound price action. He explained that when market capitalization grows faster than realized capitalization, it may signal a bull market.

“This is likely due to more exchange trading in bulls and increased on-chain OTC activity in bears.”

Hey bears, I’m sorry, but #Bitcoin is still in the middle of the bull cycle. https://t.co/QkaZx7wmAt pic.twitter.com/8lkIiRn1W7

— Ki Young Ju (@ki_young_ju) September 30, 2024

BTC Price Outlook

Despite the bullish sentiment, Bitcoin is still in retreat, falling 1.4% on the day to trade at $63,800 at the time of writing.

It failed to top resistance at $66,000 again on Sept. 30 and has dropped 4% since then. However, the asset remains up almost 10% over the past fortnight and is still within its range-bound channel, which has continued since March.

Analysts remain confident that it could break out of this channel in October and reclaim $70,000.