September has not historically been a friendly month for risk assets, including Bitcoin. However, traders believe that Bitcoin's price could rise further in the last quarter of 2024.
Rekt Capital said in the caption of CoinGlass Bitcoin's monthly performance chart: "You just have to survive September. If history repeats itself, Bitcoin could see three consecutive months of positive growth."
The main reason for the historical contraction in September is that "it is a time of retracement of summer gains and many companies set new targets for the last quarter of the year," according to Swissblock Insights data.
The Bitcoin Risk Index is currently at 99.62, "similar to mid-August levels," according to analysts, after Bitcoin fell below $50,000.
"The risk signal shows us that the bottom is not yet clearly defined," Swissblock Insights analysts explained, adding that this shows that prices have the potential to fall to lower levels. “Nevertheless, when we do see a pullback in the Bitcoin Risk Index, this could be a good entry point, even if we are not back in low risk territory yet, the next surge could be aggressive.”
