Bitcoin Usually Doesn’t Like September – Should You Expect a Bloody Month?
If there is a correction, it will be one last great opportunity to accumulate more BTC before the year-end rally.
The month of August 2021 has just ended. Bitcoin has posted an excellent performance which is a sign of the market's renewed confidence in this asset with incredible potential for the future.
The effects of the May 2021 crash are all but erased with Bitcoin's current price level around $48K.
Even more interesting is the fact that the Bitcoin Hash Rate has also rebounded strongly. China's ban on Bitcoin mining has only had a one-time effect as many had suggested. The great exodus of Bitcoin mining to the West continues.
North America will probably become the dominant area for Bitcoin mining in the future. This will be great news for Bitcoin, whose ESG score has never been as high as it is since the forced departure of mining companies from China.
Bitcoin remains a free market, where anything is possible
As September begins, many investors are hopeful that the price of Bitcoin could quickly soar to new highs. The feeling of greed in the market is leading some to imagine that the April 2021 ATH of $64.8K could be beaten during this September 2021.
This is a possibility indeed, and with Bitcoin, you know very well that you can't swear by anything regarding its price.
The guarantees that Bitcoin gives you lie elsewhere than in its price. That being said, Bitcoin will have to prove that it can sustain itself with a price above $50K for this new ATH to be reached in September.
The current situation rather suggests that Bitcoin may even retest supports at $46K and then $44K. The $40K level could eventually be threatened if the latter support does not hold. This would not jeopardize the phenomenal year-end that I expect for Bitcoin.
It would simply confirm a trend that has been observed for several years, namely that September is usually a bloody month for Bitcoin. I had already written this at the end of March about April, and you could see that I was totally wrong since driven by the Coinbase IPO, Bitcoin had reached $64.8K.
The crash occurred in May 2021, a month that was usually green for Bitcoin.
September is usually a bloody month. If there is a correction, it would be an opportunity to accumulate more BTC at discount
Bitcoin remains an unpredictable market, like all free markets since it depends on the sentiment of investors who are not robots. If history does not always repeat itself, it often rhymes as Mark Twain once said. So I think it is interesting to recall the past performance of Bitcoin month by month:
You can see that for the last 4 years, September has always been a red month for Bitcoin. Measured corrections, but corrections nonetheless. To reach a new ATH in September 2021 would be to negate this recent history of Bitcoin.
This is possible, but difficult when you consider that the return to the financial markets in September always leaves room for corrections after a freewheeling summer.
If a correction to the $40K mark were to occur, then this would be a final opportunity to accumulate more BTC before the end of the year. Because even if the Bitcoin price were to go back to the $40K-$38K level, I think the last quarter ahead of us would be exceptional and $100K is still an attainable goal by the end of the year.
Those who take a long-term view of Bitcoin will not miss out. As for the rest of us, it's time to finally open our eyes to this incredible monetary revolution.
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It's my first September since I started observing and involved crypto last December. For now I have a strong confidence on Bitcoin based on its promises and what it has done last 3 months. If there will be any corrections to happen I would think it is only a step back to move forward, and it would be a solid step to reach what we are imagining to happen until winter time.
However, history doesn't have to repeat itself every time so Bitcoin might not get blood in its hands this September too.
Let's see what will happen, thanks for the article.
When I talk to those who said that bitcoin will go down a few months ago, they say that you should definitely invest in bitcoin. I say to myself what different people there are in the world.
I didn't know september was a bad month for crypto and frankly i was sad to hear that because i had a few coins that i expected to rise in september also my birthday is september 17th. However, my confidence in BTC will reach the target of $100.00 by the end of the year. Also, it's up to you to turn September into an opportunity, if cryptocurrencies fall, you should buy them at a low price.
It should not be forgotten that no coin in the world has risen continuously. BTC will necessarily correct, but I don't think it will drop below $45,000 because people's trust in btc has increased a lot.
If I'm not mistaken, I read a few weeks ago in an article by slyvain that bitcoin mining migrated from china to north america. maybe it's just a coincidence, but since that day, btc has started to rise and return to its old self.
Unfortunately, China has a bad image all over the world. I know many people who do not buy clothes when they hear that the product is produced in China. Recently, countries have started to vaccinate citizens for covid19. In the country where I live, two options were presented to the public, one of them is made in Germany by Biontech and the other is made in China by Sinovac. A great majority of the people preferred the German vaccine, Biontech.
Thank you for reading