Here’s Why A Green September Close Is Important For The Bitcoin Price
2024年9月20日 - 7:00PM
NEWSBTC
Bitcoin is currently exhibiting bullish price action that has
sparked optimism among crypto investors. The cryptocurrency
recently broke above the psychological $60,000 price barrier after
three weeks of acting as a dreaded resistance level. Since breaking
past $60,000, Bitcoin has continued the run-up and has increased by
9.8% in the past seven days. Interestingly, the crypto is up by 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’s price performance in the fourth
quarter of the year. According to price data from Coinglass, a
green close in September has been a precursor to strong performance
in October, November, and December. Historical Trends And The
Importance Of A Green September A ‘green’ September refers to
Bitcoin closing the month in profit or with an overall price
increase from its opening on the first day of the month. Over the
span of Bitcoin’s 12-year history, the cryptocurrency has seen
eight ‘red’ Septembers, where prices closed lower than they started
the month. In contrast, only three Septembers have ended in green.
However, these rare instances of a green close have consistently
led to strong rallies in the subsequent months of October,
November, and December. Related Reading: XRP Price Prediction:
Crypto Pundit Predicts Historical 9,468% Pump To $27 The first
instance of a green September came in 2015 when Bitcoin managed to
close with a modest 2.35% gain. This seemingly small victory set
the stage for gains in the months that followed, with Bitcoin
surging 33.49% in October, 19.27% in November, and 13.83% in
December. The latest green September occurred not too long ago in
2023. This led to a significant bull run and green monthly candles
for the subsequent six months, culminating in Bitcoin reaching a
new all-time high in March 2024. What To Expect From The Bitcoin
Price At the time of writing, Bitcoin is trading at $63,640.
Bitcoin has witnessed an influx of investments in the past few
days, which in turn has flowed into other cryptocurrencies. The
entire crypto market cap now stands at $2.21 billion, which is an
8.33% increase in seven days. Related Reading: Is This The
End For Ethereum Or A Generational Opportunity? Notably, the
increase in cryptocurrency prices is mostly due to the United
States Federal Reserve’s decision to cut its benchmark interest
rate by 50 basis points. The move, which was the first rate cut in
over a year, is deemed to be more favorable for risky assets like
Bitcoin. Looking ahead, further rate cuts are expected in the
coming months. According to the CME Group’s FedWatch Tool,
investors are currently on a 100% possibility of another rate cut
in the next Fed meeting held on November 7. This outlook bodes well
for Bitcoin and the broader crypto market, as continued rate cuts
could lead to sustained upward price momentum. Crypto investors can
look forward to months of positive price action for Bitcoin, with
the next targets being breakouts above $65,000, $67,000, and
$70,000. Featured image created with Dall.E, chart from
Tradingview.com
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