Bitcoin Registers Sixth Green Daily Candle

During the first week of the month, Bitcoin saw its price struggle to keep above the $55,000 mark, plummeting to the $52,000 support zone and raising investors�alarms. The rest of the sector followed BTC’s lead, dropping 12% to a market capitalization of $1.81 trillion earlier this month.

Since then, the market has seen a significant boost, mostly fueled by the US Federal Reserve’s (Fed) rate cut. Following the Fed’s announcement, the sector recovered 5%, continuing its ascending trajectory throughout the weekend.

Due to the positive market sentiment, crypto investment products ended the week with $321 million in inflows, the second weekly positive net flows in a row. The inflows were led by Bitcoin-based products, which registered $284 million last week, according to the CoinShares report.

BTC, propelled also by Kamala Harris�recent acknowledgment of the crypto industry, recovered 20% from the monthly lows of September 6. The rebound pushed the cryptocurrency’s price toward the $64,000 resistance level, which was last held a month ago.

After failing to reclaim the key resistance level, Bitcoin’s price has been hovering between the $63,000-$63,900 range throughout Monday morning, registering six green daily candles since September 17.

Will BTC See Four Green Months In A Row?

BTC’s recent price action has translated into green numbers in the month-to-date (MTD) timeframe, making September a green month for the cryptocurrency. Coinglass data reveals that the flagship crypto displays a 7.94% return MTD.

This performance was noted by some market watchers, who suggest that Bitcoin is on its way to registering its best September so far. In an X post, Crypto Jelle highlighted that BTC “is currently on track for the strongest September performance in its history�after its current MTD return surpassed that of September 2016.

To the analyst, the flagship cryptocurrency is preparing for a “promising�performance next quarter. Jelle also pointed out that BTC has only closed September with green numbers three times.

However, the times this has happened, the cryptocurrency’s monthly returns have closed in the green for four months straight. This suggests that Bitcoin may be on the verge of a massive bull run for Q4.

Close this month in the green, and the odds are high October, November and December will close green as well.

He pointed out that this week will be “decision time�for the flagship cryptocurrency, as a higher high is “within an arm’s reach.�A push above the $65,000 resistance level would “flip the narrative�and see BTC moving to levels not seen since early August.

The cryptocurrency’s chart displays a “massive descending broadening wedge,�which has the potential to hit $90,000 after a breakout. Ultimately, the analyst considers that Bitcoin won’t trade within this pattern for much longer.

As of this writing, the flagship trades at $63,700, a 1.7% and 10% surge in the daily and weekly timeframes.

Q3 Has Historically Been The Worst Time For Bitcoin Investors

In a new post on X, Capriole Investments founder Charles Edwards talked about how investors are going through the worst time for Bitcoin. Below is the table cited by the analyst, which breaks down the quarterly returns the cryptocurrency has seen throughout its history.

As is visible, the third quarter of the year has generally been the worst time for Bitcoin throughout history, with average returns for the month standing at +5% and median ones at -4%

For perspective, the second-worst performing quarter tends to be Q2, but its average and median returns of +27% and +7%, respectively, are still significantly better than Q3’s.

On the other side of the spectrum is Q4, the next quarter of the current year. Bitcoin has had its best periods this quarter, with average and median returns at +89% and +57%, respectively.

“If you are still here, congratulations. You made it through the worst time to be in Bitcoin,” says Edwards in the post about BTC traders. “The best lies ahead.”

Last year, the cryptocurrency enjoyed an uplift of almost 57% in this period. With Q3 fast approaching a close, it remains to be seen how the BTC price ends up performing in Q4 this time around.

Speaking of historical patterns, on-chain analyst Checkmate discussed how the daily price performance distribution has looked across bear and bull markets in an X post.

Here is the chart shared by the analyst:

As displayed in the above graph, around 28% of bear market days have seen the asset trend higher than +1%, while about 38% have seen it decline by more than -1%. The remaining 34% of the days have seen the cryptocurrency remain within +1% to -1% of the previous day.

During bullish periods, Bitcoin has spent 33% of the days witnessing a rise of more than +1%, while 26% registering a drop of over -1%. The asset has consolidated for the remaining 41%.

The symmetry between the three types of days is interesting, but what stands out is how the distributions are almost the same between bear and bull markets.

“Day traders are attempting to beat a three-sided coin, with a third of all days rallying, a third selling-off, and a third doing nothing,” notes Checkmate.

BTC Price

Bitcoin has shown a sudden burst of bullish momentum during the last 24 hours as its price has jumped more than 5%, reaching the $60,900 level.