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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United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.

Industry: Manufacturing

Sub-Industry: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Market Cap: 8013146000

Current Price: 15.55

Price Change: 0.2

Percentage Change: 2.29%

PE Ratio: 75.31

Dividend Yield: 0.034

Shares Outstanding: 16853000000

Beta: 42.16

EPS: -0.617

Profit Margin: -0.178

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Tanzanian Royalty Exploration Corp, Tanzanian Gold Corporation is engaged in the exploration and development of mineral property interests in the United Republic of Tanzania. The company is headquartered in Vancouver, Canada.

Industry: ENERGY & TRANSPORTATION

Focus: GOLD AND SILVER ORES

Market Cap: 109,943,000

Dividend Yield: None

EPS: None

P/E Ratio: 0

Forward P/E: 0.127

PEG Ratio: -0.0306

Volume: 36,723,000

52-week High: 1.38

52-week Low: 2.549

Change from 52-week Low: 0.625

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After conducting a thorough technical analysis, it is evident that the stock has reached a critical support level at $50. If this level holds, we may see a potential bullish reversal, with the next resistance level at $55.


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

In the current market environment, we are observing a strong bullish trend, with the S&P 500 index consistently trading above its 50-day moving average. This indicates a positive momentum in the market.

The Relative Strength Index (RSI) for major tech stocks such as Apple, Amazon, and Microsoft is approaching overbought levels, suggesting a potential need for caution as these stocks may be due for a pullback in the near future.

We have identified a notable resistance level for gold futures at $1800 per ounce, indicating a potential barrier for further upward movement. Conversely, crude oil prices are exhibiting a bullish breakout above the $70 per barrel mark, signaling a potential uptrend in the energy sector.

The stock of XYZ Company has formed a classic head and shoulders pattern, indicating a possible trend reversal. Traders should closely monitor the support level at $50, as a breach could lead to further downside movement.

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.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
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