Will Bitcoin Perform Better In September Compared To August? Here’s What The Data Says
August 22 2024 - 10:00PM
NEWSBTC
With each month, the Bitcoin performance can vary widely depending
on how investors are feeling toward the market. Years of monthly
return data available for the cryptocurrency have led to investors
and analysts trying to pinpoint the cryptocurrency’s next move
based on historical performance. As the month of August draws to a
close, Bitcoin investors are already looking toward September in
hopes that the new month will come with better tidings. Bitcoin
Looks To End August On A Negative Note Despite starting out on a
high note, the Bitcoin price saw multiple crashes in August as the
month drew out further. The first week of the month came with a 30%
crash for the BTC price, which translated to a market-wide crash
that saw altcoins suffer particularly. Related Reading: Here’s
What’s Going On With The Shiba Inu Price Since then, there has been
a recovery in the Bitcoin price but it is far from its starting
point. This price decline means that the month of August has
followed the trend of the last two years, coming out in the red. So
far, according to data from Coinglass, the Bitcoin price price is
down 6.03% in the month of August, at the time of writing. The
performance this month is not exactly out of the ordinary as the
Bitcoin price has had more red months than green months since its
inception. The data begins in 2013, and it provides 12 years of
monthly returns since then. Out of those 12 years, the BTC price
has closed in green in 8 different years, leaving only four green
August closes for the cryptocurrency. So far, the only times the
digital asset has closed the month of August in the green looks to
be during bull markets. This is seen in 2017 with a 65.32%
increase, as well as 2020 and 2021 with positive returns of 2.83%
and 13.8%, respectively. Will September Be Better? Historically,
the month of September has been even worse for the Bitcoin price
compared to August. In 11 years, there have been 8 months of
negative returns compared to 3 months of positive returns. This has
brought the average monthly return for September to -4.78%. Related
Reading: Ethereum Metrics Turn Positive: Can This Drive A New ATH
Above $5,000? With August performing so poorly, expectations are
that the month of September could go in the opposite direction.
However, not everyone agrees with this point of view. Crypto
analyst @btc_charlie on X (formerly Twitter) has warned that
September may not go as planned. He points out that the same people
who are saying that prices will go up are the same people who
missed the Bitcoin bottom and top. Instead, he directs investors to
look at the average monthly returns for September, which are
negative, when making their decisions. Featured image created with
Dall.E, chart from Tradingview.com
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