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You are here: Home / News / Bitcoin’s Bumpy Ride Ahead: Navigating September’s Storm
Bitcoin

Bitcoin’s Bumpy Ride Ahead: Navigating September’s Storm

September 5, 2023 by Ammar Raza

As the cryptocurrency market braces itself for the arrival of September, renowned crypto trader and analyst Rekt Capital has taken to Twitter to issue a stark warning. Historically, September has not been kind to Bitcoin, and investors should keep five key factors in mind as they navigate this potentially treacherous month.

Terrible September Ahead for Bitcoin: 5 Things To Keep In Mind This Month

1. September tends to be a negative month for #BTC

Typically, we tend to see a negative month for BTC in September

However, for the most part BTC sees single-digit drawdown in Septembers

8 out of 10 of… pic.twitter.com/D696daIsAr

— Rekt Capital (@rektcapital) September 5, 2023

September tends to be a negative month for BTC, with 8 out of 10 past September experiencing a downside. While Bitcoin has occasionally managed small, single-digit gains this month, it’s essential to acknowledge the predominant bearish trend. 

Only in 2015 and 2016 did Bitcoin show marginal positive returns, with +2% and +6%, respectively. For the most part, September has been a month of decline for the leading cryptocurrency.

One of the most consistent features of Bitcoin’s performance in September is a recurring drawdown of approximately 7%. Over the years, Bitcoin has seen a 7% retracement in September during 2017, 2020, and 2021. 2018, there was a 5% dip, coming close to the familiar 7% mark.

Looking ahead to September 2023, it’s crucial to contextualize potential drawdowns. While Bitcoin experienced a severe 13% retrace in 2019, it’s worth noting that 2019 was not preceded by a significant drawdown in August. 

August 2023 saw a 16% decline, which makes it less likely for Bitcoin to experience another substantial setback in September. Therefore, while cautious, it’s improbable that September 2023 will see a massive crash, and the retracement is more likely to be in the range of 7% to 13%.

However, keeping these five key insights from Rekt Capital in mind, traders and investors can approach September with a well-informed strategy, prepared for the challenges and opportunities that lie ahead.

Bitcoin Latest Price Analysis With Mixed Short-term Outlook

Meanwhile, Glassnode Co-founder Negentropic has presented an analysis of Bitcoin’s mid-term outlook, characterized by a favorable risk/reward profile. However, short-term prospects appear uncertain, with a trading range estimated between $25.8k and $26.8k. 

Mid-term outlook: Favorable risk/reward, but short-term, uncertain ($25.8k – $26.8k).

⁃ Possible downside ($23.8k – $24.8k) due to bearish trend.
⁃ Signs of bottoming: RSI bullish divergence, fading volatility.

Consider buying after dip or solid $26.8k hold to break the… pic.twitter.com/uZ55CyOU9u

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) September 5, 2023

A downside correction is possible, within the range of $23.8k to $24.8k, primarily attributed to the prevailing bearish trend. RSI bullish divergence and decreasing volatility indicate signs of a potential bottoming. To capitalize on the situation, investors are advised to consider buying after a dip, or once a solid support level at $26.8k is established to break the downward trend.

According to CoinMarketcap, BTC is currently trading at $25,749.41, boasting a 24-hour trading volume of $10 billion and a notable 8% increase. Over the past 24 hours, it has experienced a modest decline of 0.57%. 

BTC 7D graph coinmarketcap 6
Source: CoinMarketcap

Related Reading | Ethereum Records Biggest Whale Transfers Of 2023: What Does It Mean?

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Cryptocurrency

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