- Historical Trends of Bitcoin in September
- Behavior of Traders on Bitfinex
- Analysts' Forecasts for September and Q4
September has traditionally been a tough month for Bitcoin. This year is no exception, but traders on Bitfinex are feeling differently.
Historical Trends of Bitcoin in September
Since 2009, Bitcoin has typically dropped by around 4% on average in September. In the last seven years, bearish sentiment has prevailed six times, causing concern among investors about short-term prospects.
Behavior of Traders on Bitfinex
However, there is a different scenario on Bitfinex. Since August 28, the number of Bitcoin margin longs on this platform has increased by 3,000 BTC, reaching nearly 64,350 BTC. The annualized interest rate on these borrowed funds has also skyrocketed to over 20% in just the last 10 hours.
Analysts' Forecasts for September and Q4
Analyst Daan in his tweet suggested that this year September could be good for Bitcoin, while Q4 might bring more instability. QCP also warned that gold could join crypto in heading down until October. Historically, October is positive for Bitcoin, with an average gain of 22.9% in 8 of the last 9 years. Analyst Michaël van de Poppe believes the current calm market might precede significant movements, if Bitcoin breaks above $61,000.
The current Bitcoin market situation shows disagreement among traders and analysts regarding future movements. While some expect another red September, others are betting on a more optimistic scenario. One constant is investors' increased attention to the current situation and potential changes.
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