2023-09-01 23:10:10
© Reuters. Analyst Provides Bitcoin Price Prediction for September
CriptoFácil – O (BTC) is opening this September at a low after the United States Securities and Exchange Commission (SEC) postponed at once several requests for spot Bitcoin ETFs, including that of BlackRock (NYSE:).
The price of the largest cryptocurrency on the market has dropped more than 4% in the last 24 hours and is trading at the time of writing in the range of $26,000. It is noteworthy that two days ago, BTC reached $ 28,000 when digital asset manager Grayscale won the SEC in court in a lawsuit involving also Bitcoin ETF.
Bitcoin Analysis
In this not very optimistic scenario, Rekt Capital provided its analysis for Bitcoin in the beginning of September.
“BTC closed below $27,150, confirming it as lost support. It is possible that BTC could rebound to around $27,150, perhaps even a rise beyond this figure in September. But that would likely be a relief rebound to confirm $27,150 as new resistance before dropping back to the $23,000 region,” Rekt Capital wrote on its X (formerly Twitter) account.
Historically, September has not been a good month for Bitcoin. Looking back on BTC this month, for the last few years, most Septembers have been negative for the biggest cryptocurrency in the market. The last six years, for example, have been negative.
Where is Bitcoin going?
Based on this, Rekt Capital highlighted:
“A frequently recurring negative value for BTC in the month of September is -7%. If BTC were to drop -7% from current price levels this month, the price would bounce back to $24,000.”
However, as per the analysis, the next major monthly level is at $23,400. This suggests that the price might not stall on a 7% drop if BTC fails to gain new momentum. Instead, Bitcoin could potentially drop 10% in total to reach the next major monthly level.
The analyst also noted that Bitcoin had a 13% drop in 2019. However, he considered that the cryptocurrency retreated 16% in August, one of the worst results that month in the historical series. Therefore, for him, Bitcoin is unlikely to have two consecutive drops as significant, both in August and September.
“I think a reduction of around -7% to -10% in September could reasonably occur from current levels. This would see the price drop to approximately $24,000 – $23,000,” he concluded.
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