Bitcoin has suffered its second worst monthly close After a month of losses totaling 8.6%, the price will be down by 2024. The only month that has seen a greater drop in the market is April, when it fell by 14.76%. Investors have mixed emotions following the month of September, as this red closing has shaken them. Some expect that Bitcoin will recover in this period, while others believe the price of Bitcoin to continue falling. One analyst expects a significant drop in price.
Will September see another Bitcoin price drop?
The defivillian, a crypto analyst on X platform (formerly Twitter). outlined A possible Bitcoin price crash is coming. The analyst notes that Bitcoin’s price has been dropping dramatically for the last couple of months and it is likely to continue in September.
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The crypto analyst explains that each 5th month, there has been a crash in price. On July 5, the Bitcoin fell below $55,000. On August 5, the price of Bitcoin fell below $55,000. the Bitcoin price The price of the stock fell below $50,000 after another significant crash.
The crypto analyst is predicting that another crash may be on the way, as September will also be bearish. “September 5 is coming soon. Are you ready for another traumatizing event?” The X-post read.
The Bitcoin price may see another big crash on September 5 if this trend continues. If we look at the past two months where each crash was worse than the previous one, then a possible fall on September 5, could possibly be even worse. the BTC price Under $40,000.
The Month of September Has Been A Bad One
Histoically, September is a very negative month for Bitcoin. The fact that September has started in the negative is just one more reason to emphasize this fact. the BTC price The $60,000 mark has yet to be regained, as per data Coinglass
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The average return is negative, and it’s one of two months where the median and average are both negative. In the 12 years that Bitcoin has been tracked, September is one of only two months where both average and median returns are negative. If this pattern continues, it is possible that September will be more negative than August.
There is some light at the other end of the Bitcoin tunnel, given that September has been historically the final month for Bitcoin. bearish month Before each bull market started. The investors have just one more month of losses. before the bull run begins.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
