Bitcoin is Getting Ready for September: What is the Significance of September?

• September is well known as a negative month for Bitcoin’s (BTC) price performance and has only shown monthly gains in September in 2015 and 2016.
• Interestingly, the only two positive years for September for Bitcoin were years of low-volume price consolidation for the leading cryptocurrency.
• Bitcoin is currently consolidating at $26,061, with a 24-hour trading volume of less than 3% of BTC’s market value.

Bitcoin investors are waiting for September; how has Bitcoin’s performance been in previous Septembers? This September could be different!

How Does Bitcoin Perform in September?

September is well known as a negative month for Bitcoin’s (BTC) price performance and has only shown monthly gains in September in 2015 and 2016. For all other years, the upcoming month has historically been marked as more favorable for ‘bears’ rather than ‘bulls’.

Historical data obtained by COINOTAG shows Bitcoin’s price performance in September every year since 2013:

• 2013: -1.76%
• 2014: -19.01%
• 2015: +2.35%
• 2016: +6.04%
• 2017: -7.44%
• 2018: -5.58%
• 2019: -13.38%
• 2020: -7.51%
• 2021: -7.03%
• 2022: -3.12%

Now, the market is trying to understand what to expect for September 2023, as it is a period where BTC has experienced an almost two-year ‘bear market’ and positive expectations for the Bitcoin halving in 2024 have increased.

Interestingly, the only two positive years for September for Bitcoin were years of low-volume price consolidation, and they were followed by two negative months for BTC in August.

While this is interesting, there is no table stating that ‘losing Augusts in consolidation years equal September gains’. 2014 was also a year of low volatility, with Bitcoin experiencing a 17.55% loss in August and resulting in the worst year for September with a 19% monthly red candle.

Similarly, in 2019, after a negative August for Bitcoin, another September loss occurred as a year of price consolidation, with losses exceeding 13%.

Due to the lack of historical formation, most price predictions made using data that cannot reach this conclusion are quite speculative and carry high risks in decision-making. Investors should understand all other factors that determine BTC’s results for each different year and month.

Current Status of Bitcoin Price

Meanwhile, Bitcoin is currently consolidating at $26,061, with a 24-hour trading volume of less than 3% of BTC’s market value, trading with a $12 billion trading volume within a $506 billion market value. This indicates an extremely low liquidity period for all cryptocurrencies.

The price performance of the leading digital asset in both August and September will depend on further developments related to Bitcoin and the overall sentiment in the broader crypto and macroeconomic landscape.