Bitcoin ended September 2024 with a record performance, recording an increase of 7%, a first in its history. This historic performance reflects a renewed interest in BTC, particularly due to uncertainties surrounding the monetary policies of central banks.
Bitcoin shows an increase of 7% in September, a first in its history
This year, investors and economic players have closely followed the decisions of the United States Federal Reserve (FED) regarding the future of their monetary policy. In a post-health crisis context which has led to high inflation around the world, the evolution of interest rates is particularly closely monitored.
While most investors anticipated a rate cut at the end of July 2024, the FED kept its rates at 5.50%, causing a short period of panic on global markets, before finally making a reduction. 50 basis points in September, bringing rates to 5.00%.
This context seems favorable for Bitcoin, historically very bullish when monetary policies become accommodating. Moreover, uncertainty around future FED actions reinforces interest in Bitcoin, a currency whose issuance cannot be controlled by any institution.
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The performance of the BTC price in September 2024 reflects this enthusiasm, with an increase of 7.35% over the month.and above all an increase of 26% between September 6 and 28, going from $52,600 to $66,290.
Although this increase may seem trivial for BTC, accustomed to significant rebounds, this is actually its best performance for a month of September since 2013.
Indeed, in September 2012, BTC recorded an increase of 22%, but this performance is less significant for Bitcoin, its price then being less than 15 dollars and the Bitcoin blockchain still little used.
Monthly returns of Bitcoin against the dollar
Since 2013, only September 2016 comes close to this year's performance, with an increase of 6.04%. Conversely, September 2014 recorded the worst performance, with a drop of 19.01%, followed closely by September 2019, which saw a loss of 13.38%.
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Does a bullish September mean a bull run for Bitcoin?
In addition, we observe that, since 2013, every time September was bullish, the last months of the year followed the same trend.
In 2015, after a 2.35% increase in September, the price of BTC jumped 81.64%, from $236 to $429. Likewise, after September 2016, BTC increased by 59.88%, and by 56.77% after September 2023.
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Although it is impossible to guarantee that BTC will reproduce a similar movement, these 3 occurrences could herald a new rise in the price of Bitcoin, in a historically favorable winter period, recording an average increase of 81.53% during the 4th quarter of each year since 2013 as well as 31.18% in median.
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Source: Coinglass
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First attracted by the lure of gain, I am now trapped deep into the rabbit hole. With no way out, I just have to share my knowledge and convey the passion I have for Bitcoin. I am also the creator of Adopt a Block, an educational site dedicated to Bitcoin.
Marius Farashi Tasooji
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