Glassnode Founders Predict Bullish September for Bitcoin Despite Historical Trends

The founders of the analytics firm Glassnode, Jan Happel and Yann Allemann, challenge the widely held belief that Bitcoin will experience another bearish September in 2024. Known by their social media handle, Negentropic, they shared insights with their 63,000 followers on X, questioning the notion of Bitcoin’s “September Curse.”

Bitcoin has historically seen price drops during September, earning it the label of a bearish month. However, Happel and Allemann suggest that 2024 might break this trend. In their post, they stated, “We doubt 2024 will add to this narrative,” explaining that while the month started sluggishly, there are potential catalysts that could drive prices higher.

They also point out that when the majority of market participants expect a specific outcome, it becomes less likely to happen due to what they refer to as “Soros’ reflexivity.” This theory suggests market expectations can influence outcomes, and if many anticipate a drop, it might not occur.

Bitcoin Outperforming NASDAQ 100

Although Bitcoin saw a slight decline at the start of September, Negentropic highlights that Bitcoin has outperformed the Nasdaq 100 index, a significant benchmark in the stock market. “Feeling bearish? Since September’s market open… Bitcoin has significantly outperformed the NASDAQ 100,” they noted, suggesting that this outperformance might become more common in the future, even on down days for traditional markets.

In addition to Bitcoin’s potential bullish trend, Happel and Allemann also pointed to several altcoins that have shown resilience during recent market sell-offs. They identified Starknet (STRK), Celestia (TIA), and Jupiter (JUP) as examples of cryptocurrencies bouncing back with strong volume, indicating potential fundamental strength. They believe these altcoins might be worth watching closely as the market develops.