The analysis of Bitcoin's performance on September 8 revealed negative trends, according to analyst Timothy Peterson. This date is considered one of the toughest for the cryptocurrency.
Risks of September 8
Timothy Peterson noted that September 8 has historically been an unfavorable day for Bitcoin. "Bitcoin has an average 53% chance of rising on any given day, with a typical gain of around 0.10%. However, the situation is different on September 8th. That day closed down 72% of the time, with an average loss of 1.30%. This makes September 8th the seventh worst day of the year," the analyst commented.
Historical Data
Peterson also pointed out the importance of the date not only for daily performance but for the entire month of September. He noted that a positive close on September 8th means there's a 75% chance Bitcoin will close the month higher, while a negative close means there's a 90% chance the month will end lower.
Experts' Conclusion
Experts remind investors that these statistics can provide insights into short-term market direction but should not be considered the sole source of investment decisions.
The performance data of Bitcoin on September 8 shows high risks for investors. It is important to consider these trends when analyzing the market.
