September is often called a bearish month, as Bitcoin and crypto assets have historically lost money in this month, with a few exceptions.

However, September ended with a better performance this year, with BTC up 7.75% in September, beating the previous record of 6% set in 2016. Moreover, eight of the previous 12 Septembers resulted in losses for the asset, with the largest gain coming in 2014 at 19%.

Bitcoin in a bull market

CoinGecko recorded slightly bigger gains for the month, with BTC trading at just $57,750 on September 1 and ending the month at $63,830, representing a gain of 10%. However, these numbers will likely be affected by time zones.

The good news is that October is historically a bullish month, as nine out of the last 11 years have seen positive results for BTC. Additionally, the last five years have seen gains of between 5.5% and 40% in a month, and that includes bear market years. Only 2018 and 2014 saw losses in October for BTC.

Moreover, seven of the last 11 years have seen gains in November, although December is usually a mixed bag.

Note that it has been 163 days since the halving on September 30, which is how many days it took BTC to break out of the re-accumulation range after the halving in 2020.

CryptoQuant founder Ki Young Joo said that we are still in the middle of a bull cycle. This is despite the market pullback this week and continued price action in a range. He explained that when market cap grows faster than realized cap, it can be a sign of a bull market.

“This is likely due to increased on-exchange trading among the bulls and increased OTC activity among the bears.”

BTC Price Prediction for October

Despite the bullish sentiment, Bitcoin is still down , down 1.4% on the day to trade at $63,800 at the time of writing.

It failed to break through the $66,000 resistance again on September 30 and has since fallen 4%. However, the asset remains up nearly 10% over the past two weeks and is still within its range-bound position since March.

Analysts remain confident that it will be able to break out of this rut in October and reclaim $70,000.

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