When to Buy Bitcoin
Popular crypto analyst CryptoBird has shared on his X account an analysis of Bitcoin for the remaining months until the year comes to an end. He says that September has been the weakest month since the emergence of BTC, thus presenting the best buy opportunities. CryptoBird adds that October and November have historically been profitable months.
The crypto analyst has also shared historical statistics to support his statement that September is a loss-making month. The data shows Bitcoin has been in the red every September for the past six years before turning green at the start of October. CryptoBird then claims the fourth week of this month is the best time to purchase BTC.
However, he admits that the historical data doesn’t guarantee buying the dip now will result in profits next month. He says the statistics do not determine future price action. Still, CryptoBird doesn’t hesitate to say that this week is the appropriate time to go long on Bitcoin, given that history has repeated itself severally in the crypto space.
Coinglass Quarterly Report for Bitcoin
Meanwhile, Coinglass data shows the final quarter of the year has mostly been profitable, while the third quarter, which starts from July to September, has often produced the least profits. For example, in 2020, Bitcoin investors made an 18% profit in the third quarter and 168% in the final quarter. This data supports CryptoBird’s argument that the last week of the third quarter presents the best time to buy.
Coinglass Monthly Report for Bitcoin
In terms of monthly returns, Coinglass statistics indicate that September has closed in the green only twice: in 2015 and 2016, when it produced profits of 2.32% and 5.98%, respectively. On the contrary, the following two months have been different. November has posted losses only thrice: in 2019 (-18%), 2022 (-17.2%) and 2018 (-32%). On the other hand, October has recorded losses only twice: in 2008 (-3.8%) and (-8.9%).
Although November has posted more losses than October, it has always witnessed the most profits. However, conservative Bitcoin investors should consider focusing on October since it records minimal losses and stable gains even though smaller than those realized in November.
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