Bitcoin on Track for Strongest September Performance Ever

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Bitcoin (BTC), the leading cryptocurrency by market cap, has spearheaded the market recovery with its rise to the $63,000 threshold. In light of recent happenings, the premier cryptocurrency has experienced an 8% weekly increase, marking one of its most impressive September performances since its inception.

Bitcoin Marks Its Sixth Consecutive Green Daily Candle

At the beginning of the month, Bitcoin struggled to maintain a price above $55,000, dipping to the $52,000 support level, alarming investors in the process. Consequently, the entire sector mirrored BTC’s downturn, losing 12% to a market cap of $1.81 trillion earlier this month.

Since that point, the market has seen a notable recovery, predominantly driven by the US Federal Reserve’s (Fed) interest rate cut. Following the Fed’s update, the sector rebounded by 5%, maintaining its upward trajectory through the weekend.

Owing to the favorable market atmosphere, crypto investment products wrapped up the week with $321 million in inflows, marking the second consecutive week of positive net flows. The majority of these inflows came from Bitcoin-related products, which attracted $284 million last week, as noted in the CoinShares report.

BTC has also surged by 20% from its monthly lows recorded on September 6, aided by Kamala Harris’ recent endorsement of the crypto sector. This rebound has pushed the cryptocurrency’s price towards the $64,000 resistance level, a threshold last maintained a month ago.

After attempting to reclaim this vital resistance, Bitcoin’s price has been fluctuating between the $63,000 and $63,900 range throughout Monday morning, achieving six consecutive green daily candles since September 17.

Could BTC Achieve Four Consecutive Green Months?

BTC’s recent price movements have resulted in a positive performance so far this month, rendering September a green month for the asset. Data from Coinglass indicates that the leading cryptocurrency has resulted in a 7.94% gain month-to-date (MTD).

This performance did not go unnoticed by market observers, who speculate that Bitcoin is on track to achieve its best September yet. In a post on X, Crypto Jelle highlighted that BTC “is on course for the strongest September performance in its history” after its MTD return exceeded that of September 2016.

According to analysts, the leading cryptocurrency is gearing up for a “promising” performance in the next quarter. Jelle also noted that BTC has closed September with positive returns only three times in the past.

In the instances when this has occurred, Bitcoin’s monthly returns have maintained a positive trend for four consecutive months. This scenario indicates that Bitcoin may be on the cusp of a significant bull run in Q4.

Finish this month in the green, and the likelihood of October, November, and December closing positively is quite high.

Jelle remarked that this week signifies a “decision point” for the flagship cryptocurrency, as an increase above the $65,000 resistance is “within reach.” Such a breakthrough would “flip the narrative” and could see BTC ascend to levels not witnessed since early August.

The cryptocurrency’s chart indicates a “massive descending broadening wedge,” which could lead to a price point of $90,000 following a breakout. In the analyst’s view, Bitcoin is expected not to remain within this pattern for much longer.

At the time of this writing, the flagship asset trades at $63,700, reflecting a 1.7% and 10% increase on the daily and weekly charts, respectively.