Bitcoin (BTC), the largest cryptocurrency by market capitalization, recently celebrated a remarkable September, reaching a two-month high of $66,560 last Friday.
Although it fell short of its all-time high of $73,700 in March, the strong performance in September raised expectations of significant gains as the year approaches. Historical trends suggest that when Bitcoin ends September positively, the following three months generally yield even greater returns.
Best September Ever Could Lead to Big Year-End Rally
Cryptography expert Ali Martinez highlighted this historical pattern on social media. publishemphasizing the correlation between a bullish September and subsequent price increases.
As can be seen in the image below shared by the analyst, Bitcoin has experienced four particularly strong Septembers since 2015, with average gains of over 20% in October, around 10% in November, and over 20% in December.
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In contrast, Bitcoin’s recent Septembers that ended in the green showed more modest gains, with the last bull month yielding an average increase of around 8%. This time, however, the best September in Bitcoin history could pave the way for even greater gains than those recorded in previous years.
Currently trading at $62,000, Bitcoin’s potential trajectory looks promising. If cryptocurrency joins historical averages After bullish September – projected gains of 20% in October, 10% in November, and another 20% in December – BTC could realistically approach a price of nearly $98,000 by the end of the year.
Additionally, it is important to note that cryptocurrency tends to enter a “parabolic bull run” in October of each halving year, as Martinez also pointedraising the bullish outlook for what could be one of the best fourth quarters in Bitcoin history.
Options Market Suggests Potential Bitcoin Downside Ahead
While Martinez is optimistic about BTC’s potential for significant gains in October, one expert is cautious about current market dynamics. InspoCrypto Analyst recently observed that the options market presents a more cautious picture.
Data indicates that many positions are leaning towards a bearish outlook, with some block trades suggesting a potential fall in the price of Bitcoin, specifically targeting ranges between $60,000 and $55,000.
The current “maximum difficulty” point – where most options would expire worthless – is $62,000. Given that the price is hovering near this level, there is concern that this could contribute to the continuation of the downtrend.
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Additionally, the analyst highlighted that long positions around the $60,000 mark are vulnerable to liquidation. However, despite these cautious signs for October, prospects beyond this month appear much more optimistic.
InspoCrypto emphasizes that options market data shows a strong bullish sentiment for the months following October. Many traders are predicting Bitcoin prices to surpass $80,000, with some even predicting a rise to $100,000.
Suppose there is a drop in mid-October, as some data suggest. In this case, the analyst believes it could represent the last opportunity for investors to get in before Bitcoin embarks on a significant upward trajectory.
Featured image of DALL-E, chart from TradingView.com
