Following a long rut, Bitcoin (BTC) finally gained momentum. The king coin went from $62,200 to a high of $64,000. The asset surged by nearly 10% throughout the week. While moving over the $60,000 zone is pertinent for the asset, the market was expecting more. BTC was trading at $63,698.02 at press time, following a daily spike of 2.26%.
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Bitcoin’s Performance In September And Future Predictions
The rise further boosts optimism in the Bitcoin market. This surprises many, as September has been bearish for BTC throughout the last couple of years.
Historical September Performance
According to CryptoRank, over the past 12 years, there have been eight “red” September or months when values ended the month lower than they began. Bitcoin ended only three September in the green. However, these few occurrences of a green close have always resulted in significant rallies in October, November, and December.
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Potential For BTC To Hit $70,000 This Month
According to data from Changelly, Bitcoin has the potential to increase to this level. The platform notes that following a 20% surge towards the end of the month, BTC will trade at around $76,139. The asset will not just hit $70,000 but will move beyond this level.
Recent All-Time High And Current Trading Status
It should be noted that Bitcoin hit an all-time high of $73,750.07 six months ago in March. The asset is currently trading 13% below this peak. However, it went from a low of $53,550 to its current high over the past several weeks.
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As a result, the upcoming ascent doesn’t come as a surprise to its investors.