Bitcoin Faces 10% September Price Drop, Analyst Warns
The price of Bitcoin (BTC) has historically harmed traders who hold long positions in September, with strategy analyst Benjamin Cowen anticipating double-digit losses this month, possibly touching levels last seen in February, according to a report by FXStreet.
According to Cowen, a strategy analyst who examined the gloomy view presented by BTC historically during this month, the price of Bitcoin (BTC) could decrease by at least 10% in September. According to the expert, the flagship cryptocurrency is back in the $25,000 range after the US Securities and Exchange Commission (SEC) delayed judgments on spot BTC Exchange-Traded Funds (ETF) filings.
The expert retraced the “seasonality of Bitcoin,” emphasizing the importance of momentum indicators in his study. According to him, the fact that BTC concluded the month of August below the psychological level of $27,000 raised the chances of a deep decline to $23,000 in September.
In terms of altcoins, the analyst sees this asset class “coming back to life,” maybe as a result of a combination of macro variables that would bode well for the altcoin category in 2024.
The analyst’s thesis for cryptocurrencies in 2024 stems from the predicted halving of Bitcoin in early 2024. The half-season is characterized by volatility, which could increase given the upcoming US elections, which are characterized by enormous market uncertainty. For example, incumbents seeking to retain power are likely to use political pressure to tempt voters with less rigorous monetary policies, resulting in instability.
Keywords: Bitcoin, Bitcoin Price, Ethereum
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