Michael van de Poppe, the Founder and CEO of MN Trading, took to Twitter to voice his apprehensions regarding the prevailing condition of the cryptocurrency market, with a specific focus on Bitcoin. He noted that September tends to be a challenging period for Bitcoin, raising questions about the potential for further price declines and the continuation of the bear market cycle. This tweet came as BTC’s price dipped to $25.5K, leaving many investors wondering about the next steps in this volatile market.
Van de Poppe referred to an updated chart that he had shared earlier, emphasizing that the market conditions hadn’t significantly changed since then. He pointed out a potentially aggressive approach with a sweep at $25,800 for a long entry, although he personally refrained from taking this action due to the likelihood of further price drops.
The CEO highlighted that Bitcoin had dropped below a critical support level of $25,700 and was now consolidating in that range. He anticipated an influx of short positions as investors anticipated a bearish trend, especially in light of delayed ETF approvals. Van de Poppe suggested that this could be the final dip before a sustained upward movement, drawing attention to the historical performance of Bitcoin in September.
Bitcoin Historical Trends in September
Van de Poppe recalled that September has traditionally been a challenging month for Bitcoin, with a history of substantial losses. The last time Bitcoin saw a positive month was in 2016 and 2015, with subsequent September’s resulting in average losses of 5-8%. This historical data led him to speculate that Bitcoin could drop to $23-24K, potentially falling below the 200-week EMA.
However, the CEO also offered a more optimistic perspective by pointing out that in 2015, the fourth quarter saw significant gains. He believed that this pattern might repeat itself, especially considering the significance of the year 2024.
Van de Poppe suggested that Bitcoin’s price range of $24,700-25,200 should be closely monitored for possible bullish opportunities, as a sweep of the lows could lead to significant bullish divergences. On the downside, if this range is breached, deeper price levels of $23-23.5K or even $20K could become the focus.
While September’s historical performance for Bitcoin raises concerns, Michaël van de Poppe hinted at the possibility of a positive reversal in the coming months, particularly in anticipation of the year 2024. Investors are advised to closely monitor key support and resistance levels to make informed trading decisions.
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