Since reaching its all-time excessive in March 2024, the value of Bitcoin (BTC) has faltered, failing to maintain a gentle upward momentum and dampening traders’ expectations for a significant bull rally following its halving event. Nevertheless, a crypto analyst is providing a glimmer of hope, encouraging traders to stay affected person regardless of the market downtrend, as the subsequent few months may current a bullish turnaround for Bitcoin.
A Ray Of Hope For Crypto Traders
As said by many crypto analysts, the month of September is traditionally a troublesome interval for Bitcoin, characterised by extreme downward momentum, volatility and instability. Rekt Capital, a crypto analyst, told his over 500,000 followers on X (previously Twitter) that Bitcoin’s price has plummeted by roughly 8% this September.
He revealed that within the earlier years, the cryptocurrency witnessed the same worth lower, falling between the vary of 5% to 7% within the September of 2021, 2020, 2017 and 2018. Based on the analyst, this worth decline was nothing out of the atypical, as BTC typically performs poorly in this month.
In mild of this recurring downtrend, a crypto knowledgeable recognized as ‘Unipcs’ has supplied a ray of hope to traders who’ve been experiencing Bitcoin’s extreme worth declines just lately. Unipcs stated that previously, October and November have been considerably constructive and bullish for crypto costs, displaying sturdy upward actions.
The analyst famous that this 12 months’s present market cycle is following the identical pattern as earlier years, the place Bitcoin frequently skilled a decline in September and an upsurge in October. Primarily based on this historic sample, Unipcs predicts that the value of Bitcoin may have a major turn around within the coming months.
He has urged traders to carry on a bit longer and stay invested in BTC, as he believes the market will probably turn out to be extra favorable and worthwhile quickly. The analyst’s predictions are shared by quite a few different crypto consultants, who’ve additionally recognized the recurring declining Bitcoin price in September.
Rob Inhoods, a crypto fanatic and analyst, revealed that Bitcoin has ended September positively solely thrice since its inception in 2012. Nevertheless, every time, the cryptocurrency skilled a major upward rally in October, November, and December.
Crypto Rover, a distinguished Bitcoin crypto YouTuber, additionally told his 825,700 followers on X that September is often the worst month for BTC, whereas October and November are traditionally the perfect.
Bitcoin Rallies After Months Of Decline
On September 10, Santiment, a market intelligence platform, unveiled a brand new and profound change in Bitcoin’s worth dynamics. Based on studies, BTC’s market worth is lastly rallying after witnessing a series of declines and slight upticks since its halving occasion on April 20, 2024.
The cryptocurrency reached a worth excessive of $57,600 on Monday, September 9, representing a greater than 4.8% enhance prior to now 24 hours. Regardless of the significant price increase, merchants are nonetheless unsure and are at present shorting markets on numerous crypto exchanges like Binance and BitMEX.
Nevertheless, Santiment has remained bullish, predicting that merchants‘ Concern, Uncertainty, and Doubt (FUD) may probably gas extra spikes in Bitcoin’s price. As of writing, the value of BTC is buying and selling at $57,202, reflecting a 4.14% enhance in worth, in response to CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com