As September comes to an end, the market seems ready for strong Bitcoin pump, and many think this rise could carry into October and the rest of 2024. In the past, when Bitcoin has gone up at the end of September, it often continues to do well in the months that follow. This shows that the current rise might keep pushing prices higher as the year goes on.
Why Is a Bitcoin Pump Likely To Happen
Usually, September is a tough month for Bitcoin, with prices often falling. But in 2024, Bitcoin has increased by more than 10%, which is a big change from past years. Analysts noted that when Bitcoin finishes September with gains, like in 2015 and 2016, it usually goes on to rise more in October. For example, Bitcoin went up 33.49% in October 2015 and 14.71% in October 2016. In 2023, Bitcoin rose 3.91% in September, then jumped 28.52% in October. This year’s rise in September stands out because it breaks the usual trend of losses, suggesting more growth could come as 2024 ends.
At the moment, Bitcoin is trading just under $66,000, though it has dropped slightly by 0.2% in the last day. Experts think that if Bitcoin follows past patterns, October could see even bigger price increases. If it follows the 2015 trend, Bitcoin could rise 33.49%, reaching about $84,365. A smaller rise, like in 2016, would bring it closer to $72,495, which is near its highest price ever.
Apart from these trends, current economic factors, like recent Federal rate cuts, are also helping Bitcoin’s price. These changes could get more people interested in buying Bitcoin and push its value even higher. With both past trends and the economy working in Bitcoin’s favor, it seems set for more growth as 2024 winds down.
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