Bitcoin (BTC) Could Be Poised for its Strongest September Ever – Is $90,000 Next?

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Bitcoin (BTC), the leading cryptocurrency by market capitalization, has been a driving force behind the market’s recent recovery, surging to the $63,000 mark. This surge has resulted in an impressive 8% weekly gain for BTC, making it one of the best September performances in its history.

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A Resurgence Fueled by Fed Rate Cuts and Positive Sentiment

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Earlier this month, Bitcoin struggled to maintain its position above the $55,000 mark, dipping to the $52,000 support zone and raising concerns among investors. The rest of the crypto market followed suit, experiencing a 12% decline and dropping the total market capitalization to $1.81 trillion.

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However, the market landscape shifted significantly following the US Federal Reserve’s (Fed) rate cut announcement. This news triggered a 5% surge in the crypto market, which continued its upward trajectory throughout the weekend.

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The positive market sentiment fueled a surge in investment in crypto products, culminating in a $321 million inflow last week. This marked the second consecutive week of positive net flows, driven largely by Bitcoin-based products, which registered $284 million in inflows, according to CoinShares report.

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Further bolstering Bitcoin’s recovery was Kamala Harris’ recent acknowledgment of the crypto industry. This positive development propelled BTC to a 20% rebound from its monthly lows on September 6, pushing its price towards the $64,000 resistance level, a level last seen a month ago.

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While Bitcoin has failed to reclaim the $64,000 resistance level, it has remained within the $63,000-$63,900 range throughout Monday morning. Notably, the cryptocurrency has registered six green daily candles since September 17, suggesting strong upward momentum.

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Four Green Months in a Row?

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Bitcoin’s recent price performance has painted a positive picture for September, making it a green month for the cryptocurrency. Coinglass data reveals that BTC is currently showing a 7.94% return month-to-date (MTD).

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Market analysts have noted this strong performance, suggesting that Bitcoin is on track for its best September yet. Crypto Jelle, a prominent market observer, highlighted on X (formerly Twitter) that BTC “is currently on track for the strongest September performance in its history” after its current MTD return surpassed that of September 2016.

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Jelle also pointed out that Bitcoin has only closed September in the green three times in its history. Interestingly, on each of those occasions, BTC went on to close the subsequent three months (October, November, and December) in the green as well. This historical pattern suggests that Bitcoin could be poised for a massive bull run in Q4.

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With a positive close for September, the odds are significantly higher for Bitcoin to close October, November, and December in the green as well.

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Decision Time for Bitcoin – $90,000 on the Horizon?

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This week will be a pivotal one for Bitcoin, according to Jelle. A push above the $65,000 resistance level could “flip the narrative” and see BTC soar to levels not seen since early August. This could potentially open the door for a move towards the $90,000 mark.

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A technical analysis of Bitcoin’s chart reveals a “massive descending broadening wedge,” which has the potential to lead to a breakout and a surge towards the $90,000 mark. The analyst believes that Bitcoin is unlikely to remain within this pattern for much longer.

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At the time of writing, Bitcoin is trading at $63,700, representing a 1.7% daily surge and a 10% weekly surge.

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The potential for a significant bullish move in Bitcoin is evident, making this a compelling time for investors to closely monitor the market and potentially consider strategic positions.