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.