KEY POINTS
- $BTC was up by 7.29% last month – its best September record yet since 2013
- October has historically been a good month for Bitcoin, logging only two downtrends in the past 11 years
- CleanSpark's Zach Bradford believes $BTC can surge as high as $200K in the next 18 months
September has not been good to Bitcoin for six years straight from 2017 through 2022 and only picked up a positive pace last year as the cryptocurrency market recovered from the bitter crypto winter in late 2022.
Now that October has come, Bitcoiners are in for good news as the latest data shows that September 2024 was a great month for the world's largest cryptocurrency by market value.
$BTC Delivers Best September Yet Since 2013
Data from CoinGlass shows that last month, BTC was up by 7.29%, its best September performance yet in 11 years.
JUST IN: #Bitcoin records its best September in a decade. What’s next for ‘Uptober’? pic.twitter.com/KQ8ZXgq9lN
— Breaking Whale (@BreakingWhale) October 1, 2024
Before September 2024, Bitcoin's best September record was in 2016, when the digital currency spiked by over 6%. Its third-best performance was September of last year, climbing by 3.91%.
The data follows after the world's first decentralized digital asset recorded a significant 23% three-week spike last month, with prices surging from $52,500 to $65,000.
Bitcoin Set for 'Uptober' Momentum?
Many Bitcoiners believe BTC is poised for an uptrend this month, as it has historically done in the fourth quarter of the year. As shown in the CoinGlass chart, October has had only two red records in the last 11 years.
It remains to be seen whether Bitcoin will follow a similar pattern this month, but so far, there are multiple bullish factors that could affect the digital coin's upward movement.
Whales are Stacking Hard
Bitcoin whales are loading up their treasuries after BTC retreated from $65,000 last week to $63,000. Among the big haulers are Japanese company Metaplanet, which adopted a Bitcoin strategy similar to that of MicroStrategy.
Metaplanet announced late Monday that it purchased another 107.913 Bitcoin worth one billion yen (approximately $69 million).
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) also had a positive day Monday albeit on a less stellar note compared to the ETFs' huge week last week. Data from Farside Investors shows that spot BTC ETFs logged positive inflows of $61.3 million, with BlackRock's IBIT still in the lead.
Bullish Predictions Pour In
Zach Bradford, the CEO of public Bitcoin mining company CleanSpark, is expecting the digital asset to surge to $200,000 within the next 18 months, noting that a positive sign of a sudden surge is the coin's "extended flat period" that indicates an upside may last longer too.
Bradford did acknowledge that there are macro events and other broader financial market factors that will affect BTC prices, but he still believes the digital coin will see "a rapid jump."
CK Zheng, the chief investment officer of ZX Squared Capital, is also expecting BTC prices to pump in Q4, as supported by the U.S. Federal Reserve's recent interest rate cuts that should allow the economy to experience a "soft landing."
