Some Bitcoin traders seem to be brushing off concerns of the usual September dump, even though history suggests otherwise. They point to the macro environment as a strong enough factor to challenge the ongoing narrative.
Current Market Situation
At the time of publication, Bitcoin is trading at $56,633, having remained below $60,000 since Aug. 30, according to CoinMarketCap. Bitcoin is down 0.85% over the past 30 days.
Experts' Opinions
Tyr Capital's chief investment officer Ed Hindi noted that despite September's historically negative performance, a potential FED rate cut and a relatively robust US economy could surprise the bears: "We believe the chances of BTC settling above USD 60K to be higher than the chances of it settling below it."
Historical Context
According to CoinGlass, September is the worst month for average Bitcoin losses at 4.49%. Crypto trader Daan Crypto Trades added that the average return in September is about -4%, which is not as bad as people perceive it to be. He also explained that he is watching Bitcoin’s longer-term price chart for a "higher high and higher low," which is a bullish signal. The expert wants to see BTC trading back above $65K to show strength.
Thus, despite historically negative trends, some traders and analysts are optimistic about the potential for Bitcoin's price growth in September.
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