Bitcoin experienced its second worst monthly close of the year in August 2024, with losses amounting to 8.6%. This decline was surpassed only by the losses seen in April when the price plummeted by 14.76% in one month. The negative trend in August has left investors uncertain about the future of Bitcoin going into September.
Forecasts for Bitcoin Price in September
There are mixed sentiments among market analysts regarding the potential performance of Bitcoin in September. While some anticipate a recovery in the price of Bitcoin during this month, others are bracing for continued bearishness. A crypto analyst, known by the username @thedefivillian on the X platform, has raised concerns about a possible price crash looming for Bitcoin.
Predicted Price Crash in September
The crypto analyst highlighted a concerning pattern of significant price drops in the last two months, indicating a potential continuation of the trend in September. Specifically, the analyst pointed out that previous crashes occurred on the 5th of each month, with sharp declines witnessed on July 5 and August 5. With September following a similar trajectory, the crypto analyst warned of another crash possibly on September 5.
September historically has been a bearish month for Bitcoin, with negative price movements observed in the majority of years. The month has consistently yielded negative returns, with data indicating that September has been one of the least profitable months for Bitcoin investors. The failure of Bitcoin to reclaim the $60,000 level at the start of September further reinforces the bearish outlook for the month.
Despite the somber outlook for September, there remains a glimmer of hope for Bitcoin investors. Historically, September has often marked the final bearish month before the onset of a new bull market. This historical pattern implies that investors may only need to endure one more month of losses before witnessing a potential upturn in Bitcoin’s price trajectory.
The bearish trend observed in Bitcoin during August 2024 has raised concerns among investors and analysts alike. With September looming as another potentially challenging month for Bitcoin, market participants must exercise caution and closely monitor price movements. While historical data suggests a bleak outlook for September, the possibility of a new bull market on the horizon offers a ray of hope for Bitcoin investors.