As the back-to-school season ushers in and September looms ahead, a closer examination by Finbold into Bitcoin’s (BTC) past price performance on the first day of the month reveals intriguing insights.
Throughout history, September has consistently emerged as one of Bitcoin’s more challenging months in terms of price trajectory. Interestingly, this trend aligns with a similar pattern observed in the stock market, where September has often posed difficulties for equities’ performance.
When it comes to September 1 specifically, the price of Bitcoin has seen a constant year-over-year price increase since 2017, except in one instance, according to data retrieved by Finbold on August 14.
Bitcoin’s historical Sep.1 performance since 2017
Notably, from September 1, 2017, to September 1, 2018, the maiden crypto asset saw its price jump from $4,700 to around $7,190, marking a considerable year-over-year increase of 52%.
Over the following year, BTC rallied by a further 47%, climbing to $10,621 on September 1, 2019.
The next year-over-year increase to September 1, 2020, was the least significant, with BTC advancing just 10% to $11,713.
However, from September 1, 2020, to September 1, 2021, the largest crypto coin witnessed a massive increase of 320%. 2021 was the best-performing year for cryptocurrencies, with BTC reaching its all-time high of nearly $69,000 in November.
The best year was followed by one of the worst, with 2022 marking one of the worst-ever downturns for digital assets. As such, Bitcoin’s price plummeted from around $49,000 on September 1, 2021, to $19,800 on September 1, 2022, representing a considerable 60% decline.
Potential BTC’s price for Sep. 1, 2023, based on historical data
With only around two weeks until the end of August, Bitcoin is on track to record another year-over-year increase on Sep 1. 2023.
If the leading crypto asset continues to trade around the $30,000 mark at the start of the next month, its price will have increased by about 51% from September 1, 2022.
On the other hand, based on the aforementioned historical performance, Bitcoin’s average year-over-year return rate on September 1 has been around 74% since 2017.
Given that Bitcoin was trading at around $19,800 on September 1, 2022, an average increase of about 74% would propel BTC’s price to more than $34,400 on September 1, 2023.
Historical data underscores the intriguing connection between the back-to-school phase and the onset of September as a potentially favorable period for Bitcoin.
Impressively, over the last five years, this cryptocurrency has displayed a notable trend of year-over-year increases, with four out of five years exhibiting positive growth during this timeframe.
As the coming weeks unfold, Bitcoin seems poised to extend this favorable streak with yet another potential upswing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
