Analyst Predicts Bitcoinโs Downside Trajectory in September
According to Benjamin Cowen, an analyst and founder of Into The Cryptoverse, Bitcoinย (BTC) is expected continuation its downward trend in September leading up to next yearโs halving. By comparing Bitcoinโs performance throughout the years, Cowen predicts doom for the worldโs most valuable cryptocurrency.
Bitcoinโs Recent Performance and Price Movements
Asย ofย now currentlyย worth around $25,860, Bitcoinย (BTC) has been under pressure in recent weeks. After a surge of almost 60% from November 2022 lows, the coin retraced from its July 2023 peaks of around $31,800.
September Outlook for Bitcoin Bulls
Following an impressive performance in July, Bitcoinย (BTC) experienced a bearish trend in August. By the end of the 30ย days, it had dropped approximately 20% from its highs in July 203. A wholeย lotย of scare was triggered on August 17 due to losses across the board.
Cowenโs analysis outlines that Bitcoinย (BTC) lost 11.31% in August, slightly lower than the average loss of 11.71% in the past two pre-halving years. Nonetheless, the outlook for September looks even worse according to the analyst.
Historical Trends and Bitcoinโs Probable Decline
Based on historical data, September tends to be a 30ย days of contraction before halving, with an average return of -17.29% before Bitcoinย (BTC) halves. If this trend continues, Bitcoinย (BTC) may fall to $21,400 by the end of September. Nonetheless, if we consider Bitcoinโs performance in the last two halvings, which had an average return of -5.66%, the coin could fall to around $24,400 by the end of the month.
Bitcoinโs Current Situation
Althoughย while Bitcoinย (BTC) supporters remain optimistic in the medium to long term, the recent dump on August 17 pushed the coin to new lows. Despiteย theย factย that there has been a slight recovery in the Second half of August and the first week of September, it is clear that Bitcoinย (BTC) still faces challenges.
Looking at the daily chart, Bitcoinย (BTC) prices are still within the bearish candlestick of August 17, indicating theย present price action. Inย addition, trading volumes remain relatively low regardlessย of the higher prices.
Hot Take: Probable Recovery with SECโs Approval of Bitcoinย (BTC) ETF
In hopes of a recovery, supporters are relying on the approval of a spot Bitcoinย (BTC) Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC). This derivative product would allow institutions toย win exposure to Bitcoin, potentially driving demand and boosting its price.
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