• The Historical Bitcoin Price Trend in October Extends Hope for a New Bull Run to End the Year

  • Bitcoin experienced price declines for the fifth consecutive September in the crypto asset’s history, but as soon as the month ended, billions of dollars returned to the crypto economy. Metrics show that, while September has consistently been a bad month for bitcoin, October has been a good month for bitcoin since 2013.

    In October, Bitcoin was profitable 77% of the time.

    In September of 2020, the price of bitcoin (BTC) was around $10,750 per unit, but the following month, the price of BTC increased by 25% to around $13,450 per unit. This year’s September has been gloomy in terms of price, and many crypto supporters have asked to be woken up when “September ends.” On September 26, Civic co-founder Vinny Lingham wrote on Twitter, “This feels like September 2017 all over again… Who knows what happened next?”

    BTC soared from $43,500 per unit on October 1, 2021 to a high of $48,500 per BTC on Friday. That is an increase of approximately 11.49 percent, and the spike occurred very quickly at approximately 3 a.m. (EST) in the morning.

    Prior to July and August, BTC experienced roughly three months of negative returns, and prices fell back into the negative range in September. The drop was attributed to China’s seventh crackdown on bitcoin (BTC) and cryptocurrency exchanges since 2013.

    Bitcoin also suffered losses on the day El Salvador adopted cryptocurrency as legal tender, and BTC fell when the Evergrande real estate crisis shook the global economy.

    While September was a slow month, institutional Bitcoin products saw some improvement.

    All of these drops occurred after BTC reached a high of $52K before September began, and crypto markets appeared to be bullish at the time. While September prices were not so hot, metrics from a recent Cryptocompare report showed that institutional products linked to Bitcoin experienced some upside.

    According to Cryptocompare’s research, “Bitcoin-based products saw the highest level of outflows of any asset, averaging $31.2 million per week.” “There may be some upside going into the fourth quarter of 2021.”

    All of these drops occurred after BTC reached a high of $52K before September began, and crypto markets appeared to be bullish at the time. While September prices were not so hot, metrics from a recent Cryptocompare report showed that institutional products linked to Bitcoin experienced some upside.

    According to Cryptocompare’s research, “Bitcoin-based products saw the highest level of outflows of any asset, averaging $31.2 million per week.” “There may be some upside going into the fourth quarter of 2021.”

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