A recent report by K33 highlights factors that may lead to declining prices for Bitcoin and other cryptocurrencies in September.
Expected Decline in the Crypto Market
K33's research suggests Bitcoin (BTC) is hovering near a support level just below $112,500, indicating potential concerns. Historically, September has proven a negative month for cryptocurrencies, recording an average decline of 4.6%.
September Forecasts
This month has also seen several pivotal events, such as the delay of a court ruling on tariffs that could impact the economy. Expected inflation reports may reveal the effects of these tariffs, intensifying pressure on Bitcoin and other altcoins.
Long-term Prospects for Bitcoin
Despite the short-term pessimism, Vetle Lunde, Head of Research at K33, remains optimistic about Bitcoin's long-term prospects. He identified key support levels at $101,000 and $94,000, noting that positive factors like monetary expansion and crypto integration into retirement plans could bolster market recovery.
Overall, September may exert a negative impact on short-term cryptocurrency prices, yet the long-term outlook for Bitcoin continues to inspire optimism among experts.
