Bitcoin's (BTC) Historically Worst Month May Have Be Its Best One Yet

BTC is close to ending September up 9%, its best since 2013, ahead of a seasonally bullish October.

Bitcoin (BTC) is set to end September at least 9% up, marking its best performance in the historically worst month for the asset.

BTC rose above $64,000 on Thursday morning in Asia, continuing a rally that began in the second half of the month. The world's largest cryptocurrency began a 24-hour period around $63,800, largely flat on the day. BTC has risen about 36% so far in 2023.

A bullish September has historically boded well for bitcoin in the fourth quarter. As previously reported, a green September has always led to BTC closing higher in October, November and December.

In contrast, October has seen bitcoin end in the red only twice since 2013, notching gains of as high as 60% and an average of 22%.

After clocking an average value depletion rate of 6.56% in September, bitcoin has performed poorly in the ninth month of the year. Traders have generally been defensive about betting on higher prices in the month.

However, bitcoin has gained this September amid a slew of global monetary easing policies, a weakening yen, increased institutional investments in bitcoin and both political parties in the U.S. – which influence market movements – showing a favorable sentiment toward the crypto market ahead of November elections.

The trend is widely expected to continue.

“With crypto correlations staying high to macro assets, particularly against the SPX, we consider the friendly macro background to remain a strong tailwind for crypto prices into Q4,” Augustine Fan, head of insights at SOFA, told CoinDesk in a Telegram message.

“Furthermore, with the Kamala camp playing lip service to crypto 'support' as part of her campaign rhetoric, we remain bullish on price action in the near term, with targeted put-selling strategies likely to be popular as investors switch into a 'buy-the-dip' mode,” he added.

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