- Bitcoin closes August in red for the fourth consecutive year.
- BTC could bottom in September, allowing a dramatic surge for Q4.
- Analysts hedge bets and prepare for a rocky month of September.
The crypto market enters a new and final month of Q3 with fervor and much greater expectations for the next quarter. The pioneer crypto asset Bitcoin closes August in red for the fourth consecutive year. Analysts believe that a greater dip is coming this month of September and that during this time, the price of BTC could bottom, preparing the crypto market for a much more promising and bullish Q4.
Bitcoin Closes August in Red for Fourth Consecutive Year
The crypto market faced another round of short liquidation, wiping out over $500 million from the crypto market. Despite this, the prices of BTC and ETH have yet to fall. In fact, both assets are trading at almost the same prices as they were trading in over the last few days. That is, the price of BTC is trading at the $110,000 price range, while the price of ETH has been trading in the $4,400 price range.
About 20 days ago, BTC set a new ATH price at the $124,000 price range before its rapid decline to currency prices. In 10 days, the price of ETH followed suit by setting its first-ever ATH in the ongoing bull cycle at $4,900, beating its previous ATH record set in the $4,800 price range 4 years ago. Since then, both prices have been dwindling, although ETH continues to outperform BTC, holding onto a much stronger price.
As we can see from the post above, the pioneer crypto asset, Bitcoin (BTC), just closed August in red for the fourth consecutive year. With September being the weakest month for Bitcoin, based on historical data, analysts expect a greater dip in the price of BTC, possibly bottoming in the month of September, leading to what could be an explosive Q4 surge for Bitcoin and altcoins as well.
Presently, the sentiment in the greater crypto community is observing previous bull cycle patterns and coming to the conclusion that the month of September has always been a harsh one for crypto. In detail, September has almost always closed in red for both BTC and ETH, and based on many short-term bearish indicators, analysts are certain that a heavy correction is coming for the crypto market.
What’s more, this correction is set to pull the price of BTC back to 5-digit prices, meaning a fall below $100,000 BTC price is inevitable. In particular, analysts believe the price of BTC will sink as far as $90,000 to close a CME Gap in the $90,000 – $95,000 price range. With September just starting, analysts have suggested hedging bets and watching the charts for more bearish indicators. Above all, most expect BTC price to fall significantly after the Fed announces its rate cuts.
