September Living Down to Its Reputation in Crypto So Far
I'm sure even new people in the crypto sphere may have heard or read here and there (on this blog for sure if they came by), that September is usually a bad month in our space. And by bad, we mean price-wise at the market level, on average, because otherwise some projects may keep building and growing, despite the price action.
September has been nick-named "Rektember" due to its reputation to wreck people's earnings in crypto by being a month that often ends lower than it starts, sometimes significantly.
Here's a history of Bitcoin's performance in September:
| Year | Percentage |
|---|---|
| 2023 | +3.98% |
| 2022 | -3.18% |
| 2021 | -7.55% |
| 2020 | -0.16% |
| 2019 | -16.11% |
| 2018 | -6.32% |
| 2017 | -8.36% |
| 2016 | +5,93% |
| 2015 | +2.51% |
| 2014 | -23.47% |
| 2013 | -1.60% |
So, historically, since 2013 (which was the last year with monthly information on CMC), Bitcoin had 8 red months, 3 green months, and one neutral month.
This month seems to have started off well into the red territory, a continuation of a short term trend started at the end of August, and a longer trend, started after the ATH was reached, before the halving. I wonder if we'll have such a TA formation about to happen...
... which, if we'll have a break out to the upside, it should happen in the second part of September and could be the start of the uptrend we've been waiting for. If it breaks out to the downside, probably the first real support is at around the 49k level, to where it dipped the last time.
Anyway, I hope you have your rain coats or umbrellas with you. The autumn has started, we may have rainy days (as we have seen yesterday), and it's not from the airdrops. Just remember that after rain we have a rainbow and sunshine.
Try to think past the present or immediate future, and maybe things would look in a different light.
Posted Using InLeo Alpha
It looks like bitcoin could hit a lower low if the trend continues. Hopefully we can survive Rektember and then enjoy Uptober or as @ph1102 calls rektober.
I guess it could. But that would make this September one of the worse one in history, and I don't think there are any reasons for that. Rektober, huh? Well, that would be a bummer, but it is possible. Even probable, for alts.
I try to stay positive for Uptober!
Man, is that you or the crypto market? 😀
That's my gains wiped out by the market already!! 😆
Oh well, we all kind of feel like that when we look at our portfolios. But probably we'll feel better in a few months.
I don't think we'd get rekober. Historically, October has always been better than September. The worst we might get this September is 48k BTC and that's it. Although It gets worse every year from the history you uploaded, so September may be worse then I thought
Last year was a "+" year in September, so you never know. But I agree, I don't think October will be a red month.
I don't October will be too. I think it's might just show us signs of things to come.
I wonder why September does not have a good history in the crypto world🤔
I heard a "theory": people get back from their vacations and have no money yet to invest.
I now understand why prices having been down so drastically in recent days
Many things in crypto happen cyclically when you look from a distance and don't get emotional.
Damn!
That means 2014 was worse…
It's the first bear market after Mt Gox collapsed.
It will be interesting to see where the market goes this cycle. It's also an election year so I think that there could be quite a bit of manipulation going on.
It's interesting, I never thought about it before, but the elections cycle coincides with bitcoin cycle. But it never was so much of a connection between the two until these elections rounds.
Interesting that 2023 was positive haha! I read that equity markets don't do well in Sep too!
Yes, I found that interesting too. It might be because people are coming back from vacations poorer than when they left. 😂
It's like the last hurdle more or less before things change for good, thinking beyond the present is a great approach to take during this month, and loads of patience and discipline :)
Indeed, sometimes investment in crypto requires lots of patience and discipline.
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