The price of Bitcoin started the year on a bounce, securing a new all-time high before the end of the first quarter of 2024. However, the second and third quarters weren’t all that rosy for the crypto market, with the premier cryptocurrency largely moving within a consolidation range.
September, the last month of the third quarter, was predicted to dampen the bullish impetus of the Bitcoin price, but the contrary has been the case. According to data from CoinGecko, the Bitcoin price is up by more than 10% in September.
What Happens To Bitcoin Price After A Green September?
In a recent post on the X platform, popular crypto analyst Ali Martinez shared an insight into Bitcoin’s future trajectory based on its price action in the past few years. The crypto pundit explained that whenever the Bitcoin price closes with a green monthly candlestick in September, it sees even more significant gains in October, November, and December — the last three months of the year.
As observed in the chart above, September is a historically bearish month for BTC, with the premier cryptocurrency ending the 30-day period with a loss eight times in the last 12 years. Most notably, the price of BTC declined by 19% and 13.4% in September 2014 and 2019, respectively.
Meanwhile, the flagship cryptocurrency had a green September in 2015 (2.35%) and 2016 (6.04%). The Bitcoin price ended 2023’s third quarter on a high with a 3.91% gain in September, which in retrospect, seems to be the beginning of the current bull run. BTC followed this September performance with a trifecta of positive months.
In October 2023, the price of Bitcoin registered an outstanding 25% rally to commence the bull run. This was followed by a mild 9% rise in November before the premier cryptocurrency ended the year with a 12% price surge.
Interestingly, this red-hot streak was no coincidence, as historical data shows that the Bitcoin price tends to experience bigger price spurts in the months following a green September. For instance, BTC recorded significant double-digit gains in the last three months of 2015 and 2016 — the only other years with a positive September.
Going by this historical pattern, the Bitcoin price looks set for a significant rally over the next few months, especially having gathered some bullish momentum in the past 30 days. If this projection does hold true, the market leader would likely resume its bull run and potentially print a new all-time high price before year-end.
BTC Price At A Glance
As of this writing, Bitcoin trades just beneath the $66,000 mark, reflecting a mere 0.2% dip in the last 24 hours.
Featured image created by Dall.E, chart from TradingView