September traditionally carries a negative undertone for the Bitcoin market. Since 2013, Bitcoin has averaged a 4.78% decline in this month, earning it the nickname 'Rektember.' Investors are evaluating current trends and future projections.
Current Market Trends
In August, traders cashed out approximately $4.251 billion in profits, creating selling pressure. Also, the number of large transactions (over $100,000) has fallen to its lowest level in nearly four years. This calm among whales might indicate they are holding onto their assets, expecting price increases.
Whale Activity Analysis
MVRV indicators suggest Bitcoin might be undervalued at the moment. Both 7-day and 30-day timeframes show potential for price growth if demand picks up. However, Bitfinex representatives predict a drop to about $40,000 if the Federal Reserve cuts interest rates, potentially leading to a 15-20% decline.
Long-term Holders' Position
Bitcoin availability on exchanges has reached its lowest level since December 2018. The number of active addresses has sharply dropped, impacting the market. However, long-term holders continue to accumulate assets. Over the past 30 days, they have increased their supply by 262,000 BTC, making up 75% of the total supply. Many large anonymous wallets have remained inactive for over two years.
September presents challenges for the Bitcoin market, but long-term holders' actions and current trends indicate potential price recovery in the future.
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