An exceptional September for the BTC exchange rate
An exceptional September for the BTC exchange rate An exceptional September for the BTC exchange rate

Those who have been following the cryptocurrency market for years will surely remember that September has generally not been the best for investors.

This time, however, it may be different, as evidenced, among other things, by the fierce fight to break through and maintain $50,000 (at the time of writing the article, BTC costs $50,072).

BTC: once below, once above $50,000

Many people see the breakthrough (and, more importantly, maintenance) of the psychological barrier at the level of $50,000 as a sign of further growths. At the same time, it is worth bearing in mind that Bitcoin’s price changes have repeatedly followed a cyclical pattern. Since 2013, only twice (in 2015 and 2016) has there been a good performance on BTC in September. In the last five years, as many as four on the charts have been dominated by red.

September the worst month for Bitcoin (historically)

According to Pete Humiston, a prolonged hold around $50,000 could eventually lead to a strong breakout, which would reignite investor interest in the oldest cryptocurrency. This, in turn, could contribute to the price reaching the $60,000 area again.

“September is historically Bitcoin’s worst-performing month. That said, it has been verging on $50,000 for the past three weeks or so now. Should Bitcoin stage a breakout above this psychologically significant milestone, it could renew investor interest and spark the momentum needed to carry it all the way back to $60,000.”

Breakout above 50,000 and rapid rise to $60,000

Some analysts believe that the eventual rise from $50,000 to $60,000 will be much faster than the preceding rise from $40,000 to $50,000. One of the big optimists is Blockstream CEO Adam Back: 100,000 for 1 bitcoin later this year is “quite possible”. This is about the same Adam Back who was suspected of being the creator of bitcoin. Instead, there is no denying that he was one of the first holders of BTC (he received it from Satoshi Nakamoto).

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From the Editor

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