Amid ongoing fluctuations in the cryptocurrency market, analysts highlight a potential change in the price range for Bitcoin. Yesterday, analyst James Check commented on the current situation.
Analysis of Current Fluctuations
James Check, an analyst from the blockchain platform, reported that Bitcoin's fluctuations are becoming more frequent and sustained but warned about the potential instability of the price range. quote: { "text": "Screams to me that this price range is becoming 'unstable', and the market is ready to move somewhere else.", "author": "James Check" } Check's comment was posted on Twitter on September 1, 2024.
Historical September Analysis
Some analysts speculate that a significant price move for Bitcoin may occur in September, given the potential Federal Reserve interest rate adjustment. However, as noted by analyst Rekt Capital, September has historically been a bearish month for Bitcoin. quote: { "text": "Since 2013, BTC has seen monthly positive returns in only three out of ten Septembers. More commonly, we observe small single-digit downsides in September.", "author": "Rekt Capital" } The analyst pointed out that September is usually a month of consolidation with a higher chance of small downsides.
Expectations and Forecasts for Bitcoin
Analyst Willy Woo noted that most of the Bitcoin from the German and U.S. governments and Mt.Gox distributions is gradually being absorbed by the market. He added that the situation in terms of supply has shifted from bearish to neutral. quote: { "text": "Overall, in terms of supply, things have moved from bearish towards neutral.", "author": "Willy Woo" } Over the weekend, Bitcoin's price fell from $59,000 to the support level of $57,000, but the asset recovered slightly, reaching $57,500 on Monday morning.
Despite the steady fluctuations in Bitcoin's price, analysts warn that there is a high probability of a significant price movement soon. However, historical analysis has shown that September usually does not favor significant price increases for Bitcoin.
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