tl;dr
In September 2024, Bitcoin experienced its best performance, with a 7.75% increase, surpassing its previous record. CoinGecko reported a 10% gain, with October historically being bullish for BTC. Analysts believe Bitcoin is still in a bull cycle, despite recent market retreat. The price of Bitcoin f...
September 2024: Bitcoin Records Best September Performance with a 7.75% Increase
Bullish October Predicted for Bitcoin with Historical Gains of 5.5% to 40%
Analysts and Founders Suggest Bitcoin Remains in Bull Cycle Despite Recent Retreat
In September 2024, Bitcoin experienced its best performance, with a 7.75% increase, surpassing its previous record. CoinGecko reported a 10% gain, with October historically being bullish for BTC. Analysts believe Bitcoin is still in a bull cycle, despite recent market retreat. The price of Bitcoin fell 1.4% to $63,800, but analysts remain confident it could break out in October and reach $70,000.
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%.
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.
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.
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Industry: Manufacturing
Sub-Industry: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
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Current Price: 15.55
Price Change: 0.2
Percentage Change: 2.29%
PE Ratio: 75.31
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Focus: GOLD AND SILVER ORES
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Dividend Yield: None
EPS: None
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The RSI indicator suggests that the stock is currently oversold, indicating a possible buying opportunity. However, it's essential to monitor the price action for confirmation before entering a position.
Furthermore, the moving average convergence divergence (MACD) indicator has shown a bullish crossover, supporting the potential for a trend reversal.
It's important to note that while the indicators are signaling a potential bullish momentum, market conditions can change rapidly. Caution is advised, and it's crucial to have a risk management strategy in place.
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Technical Analysis Report: Market Trends and Insights
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In summary, while the overall market sentiment remains bullish, certain key indicators suggest the need for caution. It is crucial for investors to pay close attention to support and resistance levels, as well as the RSI, to navigate potential market corrections and capitalize on emerging opportunities.