Why experts say September is the prime time to buy Bitcoin

Bitcoin (BTC) is currently trading below $60,000, starting the month in a downtrend. Despite this, experts suggest that September may be a major buying opportunity.

Based on Bitcoin's performance history, September is the best-performing month, with a record number of unwanted returns.

Why experts say buy Bitcoin in September

Michael van de Pop is one of those predicting what could be coming for Bitcoin. He believes that a quiet market usually indicates the final stage before a rally.

“A depressed market, which is usually the last stage before the party starts. Regarding the price action on BTC, you need to get above $61k to get the momentum back into the markets, otherwise we will continue to have this downtrend for some time, van de Pop said.

In addition, Greek Live analysts pointed to opportunities in the Bitfinex loan market with annual interest rates from the end of September. They also reported an increase in long positions for Bitcoin, a common sign of bullish sentiment, with whales entering the market and taking long positions with block calls.

Read more: How to buy Bitcoin (BTC) and everything you need to know

In a recent Telegram broadcast, QCP Capital researchers suggested that September will be a bear month for Bitcoin, crypto, bonds and gold. However, October marks the strongest bullish seasonality, with Bitcoin posting positive returns in eight of the past nine Octobers, posting an average gain of 22.9%.

QCP cited recent call buying activity for this current trend, suggesting investors stock up on Bitcoin during the September bull run and consider taking profits in October or year-end if this pattern holds through 2024. Their report also highlighted key support for Bitcoin at $54,000. Analysts warn that conditions could worsen before improving due to uncertainty surrounding US macroeconomic events.

Indeed, there is a lot of uncertainty in the markets this month, with several US economic events lined up on the calendar. However, whales are on the rise.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Lookonchain has recently reported several large transactions. One whale withdrew 1,100 BTC from Binance, and another bought 1,000 coins. In the latest move, a whale bought $19 million worth of BTC on Tuesday.

In five days, this whale earned 2,322.37 BTC, worth $136 million, and now holds 8,881 Bitcoin, worth $523 million. According to BeInCrypto data, Bitcoin is trading at $56,286, down about 5% since Wednesday's open.