Bitcoin's price decreased in August, raising questions about future market trends.
Current Situation in Bitcoin Market
According to TradingView data, Bitcoin declined by 2.07% in August despite reaching an all-time high of $124,533. As of press time, Bitcoin was trading at $113,315, showing a daily drop of 0.28% and a weekly drop of 6.83%. Some experts view the current decline as a healthy correction.
September Predictions
September is traditionally seen as a recovery month for Bitcoin. Analyst Kaleo noted that September has marked a local bottom for Bitcoin four out of the last five years. He predicts that this September could serve as a 'springboard for October', which is known as 'Uptober'.
Historical Trends and Impact on Q4
Historically, September has been a weak month for Bitcoin, averaging a negative return of 5%. However, a positive trend is often observed in Q4, where Bitcoin can show an average gain of 88%.
The situation in the Bitcoin market intrigues analysts, as September may offer opportunities for price recovery based on historical trends.