Bitcoin dropped to below $54k today and this means the BTC price is now down 10% in the last 7 days.
Rekt Capital reminded us that since September started, Bitcoin lost 6.19% of its value. However, we can say this is typical for this month considering Bitcoin had a single-digit plunge in September in 2022, 2021, 2020, 2018 and 2017.
In another tweet, Rekt Capital again reminded us that this is a halving year and we can therefore compare Bitcoin performance in September and October in halving years.
“2016: +6% September upside followed by +14% October upside
2020: -7.5% September downside followed by +27.7% October upside
2024: Currently -9% September downside… Potential double-digit October upside awaits.”
If Bitcoin is to follow October’s performance in halving years, it means that the BTC price at the end of next month could range from $61,200 to $68,500 levels.
Of course, historical performances don’t have to mean anything, these are only indicators.
Bitcoin also tends to do well after the US elections. In 2020, the BTC price pumped from around $14,000 to $24,000 between US elections and the end of that year. (This represents a 71.4% increase). In 2016, the Bitcoin price pumped from $740 to $960 during the same period (a 30% increase).
Despite the dip this month, Bitcoin price is doing fairly ok considering historically bad month for BTC and crypto and also constant Bitcoin ETFs outflows.
Read also: This Bitcoin Whale Is Buying the Dip! Crypto Trader Predicts $62k for BTC Next
The main point I am trying to get to here is that now might just be the time to accumulate Bitcoin. With expected jump in October and then after US elections, the king of crypto could be a hold until the end of the year where we could think about some profit-taking if we get to $80-85k area (which is possible when we look at previous halving and US election years).
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