Bitcoin (BTC) fell below $110,000 after reaching a record high in August, raising concerns among investors about future prices.
Reasons for Bitcoin's Drop
The recent drop in Bitcoin is associated with macroeconomic data and increased selling pressure. This has created concerns among investors, who are wondering if there will be a further decline.
Analyst Predictions
K33 Research analyst Vetle Lunde stated that a further decline is possible in September, with predictions dipping below $100,000. Lunde also noted that this could present a buying opportunity at support levels around $101,000 and $94,000.
Historical Performance of Bitcoin
Lunde pointed out that September has historically been a weak month for Bitcoin, with an average return of -4.6% since 2011. 'The cryptocurrency market entered a period of volatility in September due to US tariffs, slowing economic indicators, and seasonal factors,' he said.
Despite the short-term bearish outlook, Bitcoin's long-term upward trend remains unchanged. Investors may consider re-entering the market after September.
