BTC May Break the September Curse
Bitcoin has reclaimed the key $60,000 price level for the first time since August 30, and growing interest from institutional players suggests that this time is unique, according to a cryptocurrency analyst.
“This time is different,” cryptocurrency analyst Rajat Soni wrote in a September 13 X post. Soni explained that Bitcoin has been “consolidating above $50,000 for six months.
However, the last time Bitcoin was above $50,000 was in 2021, when interest in the asset came primarily from retail investors. He noted:
“It’s difficult for Bitcoin to stay above $50,000 because most of the buyers are retail investors who are known for buying and selling based on emotions.”
Soni claimed that “institutional investors are here and they are ready to buy everything that retail investors want to sell.” He warned his 96,900 followers: “If you are selling, be prepared to pay more to get back the same amount.” ”
According to CoinMarketCap, Bitcoin is trading at $60,596, up 4.25% since September 12.
Bitcoin is up 12.40% over the past seven days. Source: CoinMarketCap
After Bitcoin broke through $60,000, anonymous cryptocurrency trader Jelle speculated that the asset could break its usual trend of underperformance in September.
“Bitcoin is currently on track to close higher in September,” Jelle wrote. The trader noted that Bitcoin has only previously achieved a “positive close” in September three times: in 2015, 2016, and 2023.
CoinGlass data shows that September is Bitcoin’s worst performing month, with the asset averaging a monthly loss of 4.49% over the past 11 years.
Meanwhile, Into The Cryptoverse founder Benjamin Cowen noted in a September 14 article that this is “the worst month for BTC over the entire cycle.” According to TradingView, Bitcoin’s market dominance is 57.80% at the time of this article’s publication. Meanwhile, Will Clemente, co-founder of Reflexivity Research, said in a Sept. 13 article that “BTC’s technicals are showing some early signs of life.” Clemente added: “Look for a return to the 200dma, which would coincide with its first higher high in 6 months, to start paying attention to altcoins.”