The cryptocurrency continues with its sideways run that it had started on August 18. Only between 29 and 31 did it reach $28,000 and then fall again.
Bitcoin in September: Will the price go up or down?
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August was marked by the bearish trend manifesting itself in both Bitcoin and other altcoins. In 10 years, Bitcoin only had positive returns during the months of September 2015 and 2016. In contrast, 2014 recorded the largest drop of that month at up to 19%.
“September is not usually a good month for cryptocurrencies. Bitcoin, as you can see, is averaging negative in September, far, far worse than any other month.”highlighted the analyst Benjamin Cowen.
In addition, there are other factors that influence, such as that the appetite of investors decreased. Google searches for Bitcoin, or cryptocurrency in general, hit five-year lows.
“From a trading standpoint, almost every indicator you can think of is lower,” he also said. Stephane OuelletteCEO of FRNT Financial Inc, an institutional platform focused on digital assets.
“Beyond a handful of big players and miners, trade is at incredibly depressed levelssomething especially pronounced in North America,” he added.
One of the few things that would overturn any bearish forecast would be good news regarding the approval of a spot ETF in the United States.
Until the first quarter of 2024, the SEC has time to define itself on the subject and, although it usually takes time to make decisions until close to the deadline, nothing prevents this from being an exception and the facts coming forward.
Source: Ambito
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