Bitcoin is currently showing bullish price action which has sparked optimism among cryptocurrency investors. The cryptocurrency recently broke through the psychological price barrier of $60,000 after acting as a feared resistance level for three weeks. Since breaking through $60,000, Bitcoin has continued to rally and is up 9.8% in the last seven days. Interestingly, the cryptocurrency is up 20% since its low point this month of $52,827.

This price rally comes at a critical time for Bitcoin, as September has always been a defining month for Bitcoin’s price performance in the fourth quarter of the year. According to Coinglass price data, the green close in September was a precursor to sturdy performances in October, November, and December.

Historical Trends and the Significance of Green September

A “green” September refers to Bitcoin closing the month with a profit or overall price escalate from the opening of the first day of the month. Over the course of Bitcoin’s 12-year history, the cryptocurrency has had eight “red” Septembers, where prices closed lower than they did at the beginning of the month. In contrast, only three Septembers ended in the green. However, these scarce green closes have consistently led to sturdy gains in the following months: October, November, and December.

The first instance of a green September occurred in 2015, when Bitcoin managed to close the day with a modest 2.35% gain. This seemingly miniature victory set the stage for gains in the following months, with Bitcoin rising 33.49% in October, 19.27% ​​in November, and 13.83% in December. The last green September occurred not too long ago, in 2023. This led to significant growth and green monthly candles in the following six months, culminating in Bitcoin reaching a modern all-time high in March 2024.

What to expect from the price of bitcoin

At the time of writing, Bitcoin is trading at $63,640. Bitcoin has seen an influx of investment over the past few days, which in turn has moved into other cryptocurrencies. The total cryptocurrency market capitalization now stands at $2.21 billion, up 8.33% in seven days.

It is worth noting that the escalate in cryptocurrency prices is mainly due to the decision of the US Federal Reserve lower your benchmark interest by 50 basis points. A move that was first interest rate cut in over a yearis considered more advantageous for risky assets such as Bitcoin.

Looking ahead, more rate cuts are expected in the coming months. According to CME Group’s FedWatch tool, investors now have a 100% chance of another rate cut at the Fed’s next meeting on November 7. That outlook bodes well for Bitcoin and the broader cryptocurrency market, as further rate cuts could lead to sustained price increases. Cryptocurrency investors you can look into the future to months of positive price action for Bitcoin, with the next targets being breakouts above $65,000, $67,000, and $70,000.

Featured image created with Dall.E, chart from Tradingview.com