September 2024 may be a crucial period for Bitcoin as various analysts provide their forecasts regarding potential price fluctuations of the cryptocurrency.
Ted Pillows' Forecast
Ted Pillows, an investor and crypto proponent, expressed a bearish outlook for Bitcoin in a post shared on platform X, suggesting that it may suffer a significant decline. He noted that the current downturn mirrors a similar pattern observed in the second and third quarters of 2024 when a sharp 30% drop was recorded. Though he remains uncertain about whether the same pattern will recur, Pillows stated that Bitcoin could dip below $100,000.
DarkFost's Analysis
Analyst DarkFost, in a post shared on CryptoQuant, observed Bitcoin's 12% drop following its surge to an all-time high of $123,000. He remarked that this decline is a 'fairly normal correction so far.' Notably, in March 2024, after hitting its first ATH for the year, Bitcoin recorded a 28% decline, and data suggests it has not revisited those levels during this year's bull market. DarkFost also emphasizes that most pullbacks have ranged between 20% to 25%.
Prospects for Bitcoin
The analyst concludes by outlining the possibilities ahead, noting that the current pullback might be healthy and bullish for Bitcoin. He highlighted that 'this current move is therefore not unusual and could continue without breaking the historical pattern.' Such retracements are often healthy in bull markets, resetting excessive leverage in derivatives, cooling overheated sentiment, and providing new entry opportunities for long-term investors.
Bitcoin is currently valued at $110,579 and has sustained 1.13% worth of gains over the past 48 hours. Expectations for September 2024 remain ambiguous, but analysts indicate that current fluctuations may work in its favor.
