September can end as the "dark" period. Can Bitcoin Crash in October?

Bitcoin prices fell 12% this month, which could be the worst month since May.

At the same time, US manufacturing remains bullish and September could be a bad month for the S&P 500. According to a report by Arcane Research, the relationship The Quality of Cryptocurrencies and the 90-Day Pattern of the S&P 500 Index have been "very strong" lately due to the risk of a reversal.

Art Hogan, chairman of National Securities, said in an interview that this makes sense because Bitcoin tends to fall when other riskier assets fall.

According to statistics from financial companies, over the past ten years, September was the same month that Bitcoin did not perform well.

Bitcoin has suffered many months this month, including interference with El Salvador's policy of using bitcoin as fiat currency and tightening controls in the United States and other countries.

The Galaxy Crypto Index, which tracks some of the major cryptocurrencies, fell 16% this month, the biggest drop since May.

Matt Maley, Marketing Director for Miller Tabak, said: “The interest of the United States and other countries in bitcoin has limited its short-term value, and commercial investors have started to fear that many countries will not 'impose restrictions on cryptocurrency. ".

Bitcoin fell to $ 40,906.4 yesterday. Recently, Bitcoin hit a 100-day moving average. The average price here yesterday was $ 41,048. Bitcoin prices rebounded today and, when pressed, the coin rose 1% per coin to $ 42,267.8.

JJ Kinahan, senior market strategist at TD Ameritrade, said in a telephone interview, “I was not surprised to see it fall like any other asset,” he said.

“Focus on a $ 40,000 support,” Maley said. "The fall in this price will cause investors to reduce their share of this short-term asset."

However, some sources believe the situation will change in October. According to statistics from financial companies, the average growth rate of Bitcoin in October of last year was around 13%.