Top Signs That September 2024 Will Be Bullish For Bitcoin

Cryptocurrencies all over the world do not rely on historical trends, unlike stocks. It is a fact that in previous years, September was not usually a bullish month for Bitcoin as per these trends. September 2024 however, may be different because there are indications that Bitcoin will enter a bullish phase and yield high returns for users.

Signs That September 2024 Will Be Different

Certain events can occur with certainty. These are some of the signs that many analysts believe will be bullish for cryptocurrencies.

Holders In, Sellers Out

The main players of Bitcoin are now selling fewer Bitcoins. It is noteworthy that Genesis Trading, the German government, and Mt. Gox have sold significant amounts of Bitcoin. According to a rough estimate, the sales combined reached over 170,000 BTC in July and August. The US government currently holds over 203,000 BTC but has become more careful. It usually prefers over-the-counter sales to reduce market impact. This reduction can make the market more favorable and stable.

Long-term holding is also responsible for maintaining more certainty as it can add over 262,000 Bitcoins in August. The holders control nearly 3/4th of the total supply. There are significant amounts of Bitcoin that are inactive. Therefore, the likelihood of selling off is less. 

New Wave of Bitcoin ETF Inflows

September 2024 can turn out to be very favorable for Bitcoin users because there is a high possibility that investment in ETFs will increase considerably. The positive inflow between August and September can be around $500 million and $1.5 billion. 

American Political Parties Embrace Bitcoin

The sudden change in attitudes towards Bitcoin and other cryptocurrencies is also a welcome step. Since the two mainstream American political parties are embracing Bitcoin, it can be perceived as an embrace of long-term support. Since the cryptocurrency market is expanding, there is a possibility that Republicans may give more positive indications and encourage investments. This is because Donald Trump is openly advocating to turn Bitcoin into a reserve currency. 

Low Rates of FED

The Federal Bank in the US is going to slash interest rates and this may help Bitcoin to become more profitable. The bank may adjust target interest rates for the supply of new dollars through daily lending markets with prices and employment. 

Technical Indicators Are Bullish

The technical indicators of Bitcoin are bullish too. The Bitcoin markets have gained considerably because a large volume has increased as the prices hover around $65000. The buying up of Bitcoins after the announcement of the Fed’s interest rate is an early indication of the growing market demand for assets and increasing prices.

Also Read- What Proof-of-Work (PoW) Is All About?

Final Thoughts

The signs that September 2024 may turn out to be significantly different from other Septembers are clear. Therefore, the speculation that the month will largely be bullish is well-founded. However, these are speculations that will become a reality only if the external circumstances remain favorable.