Amid mixed predictions from top analysts and market observers, Bitcoin remains under selling pressure. This article explores the insights of leading experts on the short-term movements of the largest cryptocurrency.
Justin Bennett's Forecast
Experienced analyst Justin Bennett, closely followed by cryptocurrency investors, reaffirmed his $53,000 target for Bitcoin. He noted that the largest cryptocurrency has been moving towards this level since its last false rise to $63,300. Bennett emphasized the importance of the $48,000 support, warning that the price could pull back to this threshold, and advised investors to follow the largest cryptocurrency 'level by level'.
September is Not Always the Worst Month
Another leading analyst, Rekt Capital, provided valuable insights into Bitcoin’s historical performance in September. He noted that Bitcoin generally moves downward this month, with losses typically ranging from -1.76% to -7.51%. Highlighting that Bitcoin has only experienced double-digit losses twice in September, he pointed out a 13% drop in 2019, a year before the block reward halving, and a 19% drop in 2014, a bear market year. Rekt Capital emphasized that Bitcoin is currently in a block reward halving year, and therefore, he does not expect a similar double-digit drop, predicting a pullback to around $54,900 at most.
Current Bitcoin Movements
At the time of writing, Bitcoin continues its downward movement below the psychologically significant level of $60,000. According to CoinMarketCap data, the largest cryptocurrency is currently trading at $56,550, up 0.08% in the last 24 hours.
Despite historical trends and various analyst predictions, Bitcoin's future movement in September remains uncertain. It is important to continue monitoring key levels and updates from leading market experts.
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