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There is an old proverb which says that history does not always repeat, but it tends to rhyme. If that holds true for Bitcoin (BTC), then a strong up-move may not happen in the month of September. 

Bybit data shows that since 2013, Bitcoin has closed September in the red for six years and has managed a positive monthly close only on two occasions. The best performance was in 2016 when Bitcoin rose 6.04%.

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Daily cryptocurrency market performance. Source: Coin360

However, September’s poor historical performance has not stopped small and large traders from accumulating Bitcoin in August. Ecoinometrics reported rising account balances for addresses holding 1,000 to 10,000 BTC and for accounts that hold less than one Bitcoin.

Will September’s poor historical record scare away the bulls or will this year be an exception? Let’s analyze the charts of the top-10 cryptocurrencies to find out.