As many anticipated September to be one of the strongest months for Bitcoin (BTC) 
$104,672, the largest cryptocurrency unexpectedly decreased on the last day of the month. The price fell by 3% to $62,989 on September 30.
Fed Statements Fail to Influence Cryptocurrency Market
This drop surprised traders, causing a liquidation worth $226.55 million across the cryptocurrency market. According to Coinglass data, Bitcoin’s sudden fall triggered an overall market fluctuation.
Furthermore, this decline occurred despite Federal Reserve Chairman Jerome Powell indicating during a speech at the National Association for Business Economics in Nashville that there might be additional rate cuts within the year. Powell stated, “If the economy develops as expected, policy will gradually move towards a more neutral stance. However, we are not on a pre-determined path. Risks are two-sided, and we will decide from meeting to meeting.”
Expectations Rise for Bitcoin
Analyst RektCapital highlighted that 163 days have passed since the block reward halving, a period historically preceding a surge for Bitcoin. After the 2020 halving, Bitcoin entered a relatively stable phase, allowing investors to purchase before significant price increases.
RektCapital noted that Bitcoin began a strong upward movement 163 days post the 2020 halving, around mid-October. However, he emphasized that this model is speculative, and historical patterns do not guarantee repetition.
Given the current market conditions and uncertainties, it remains unclear whether a price surge similar to the 2020/21 period will occur in the near future.
While Bitcoin’s volatility and Fed’s potential rate cut signals create uncertainties in the cryptocurrency market, traders need to proceed with caution. Although historical data suggests a potential upward trend, making precise predictions about the market’s future is challenging.
