BTC is recording price losses for the fifth time in a row, but each time the month is over, billions of dollars have returned to the market. Metrics show that while September has been a consistently bad month for the biggest cryptocurrency, October has traditionally been a good month for BTC since 2013.
BTC was 77% of its history in October
Bybt data shows that BTC closed October with profits most of the time since 2013 with a success rate of over 77%. In 2020, the price of BTC closed the month of September at about $ 10,750 per coin, but the following month BTC jumped 25% to about $ 13,450 per coin.
Similarly, BTC grew by more than 10% at the end of October 2019, although it had fallen by approximately 14% in the previous month. In September, losses since 2013 have been recorded seven times out of nine months.
On October 1, 2021, the BTC rose sharply in price from $ 43,500 per coin to Friday’s high of $ 48,500. This is an increase of approximately 11.49% and the increase occurred very quickly around 3:00 (EST) in the morning.
Before July and August, BTC recorded about three months of negative returns, and in September prices returned to the negative range. The downward decline was due to China, which has intervened against BTC and cryptocurrencies for the seventh time since 2013. He also recorded losses on the day Salvador accepted cryptocurrency as legal tender and the BTC fell with other markets when the Evergrande real estate crisis shook the world economy.
Some institutional BTC products have seen a significant increase
All of these declines occurred after BTC reached a local high of $ 52,000 before September began, and the cryptotracks looked seemingly bullish at the time. Although September prices were not so hot, metrics from a recent Cryptocompare report show that institutional products linked to BTC have risen somewhat.
“BTC-based products recorded the highest level of asset inflows, averaging $ 31.2 million per week,” said Cryptocompare, an analytics platform. “There could be further growth during the last quarter of 2021.”
BTC approached $ 50,000 on October 1, but the cryptocurrency must overcome resistance and hold $ 50,000 and repeat when it reaches $ 53,000. It is worth noting that each time BTC saw an increase in value since 2013 in October, November and December saw much greater profits.