As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I must say that the recent trend of Bitcoin’s price behavior is indeed concerning. The repeated monthly crashes have left investors on edge, and the prediction of another potential crash on September 5 by @thedefivillian has added fuel to the fire.
In the year 2024, Bitcoin experienced its second most significant monthly decline at the end of August, closing with a loss of approximately 8.6%. This is only surpassed by the losses sustained in April when the price dropped by about 14.76% within a month. The steep decrease has left investors uncertain as they approach September. While some are optimistic that Bitcoin’s price will rebound this month, others believe the bearish trend will persist. One analyst even predicts a substantial drop in its value.
September To Witness Another Bitcoin Price Drop?
A digital currency expert, known as @thedefivillain on the X platform (previously Twitter), has suggested a potential steep decline in Bitcoin’s price. This analyst believes that the recent significant drops in Bitcoin’s value over the past two months could continue into September, with no signs of abating.
To put it simply, the crypto expert notes that there have been significant price drops on the fifth day of each month. For instance, on July 5th, the Bitcoin value plummeted under $55,000, and again on August 5th, it fell below $50,000 due to a major crash.
“September 5th is fast approaching. Are you prepared for another potentially distressing incident?”
If the current trend continues, there’s a strong possibility that Bitcoin’s price may experience another significant drop on September 5th. Given the escalating severity of each recent decline over the past two months, the potential drop on September 5th might be even more drastic, potentially driving the BTC price down below $40,000.
A Bearish Month To Reckon With
Historically, Bitcoin prices have tended to drop during the month of September. This trend is further highlighted by the current situation, where Bitcoin’s price hasn’t managed to surpass the $60,000 mark yet this month, as indicated by data from Coinglass.
Among all months, September tends to be one of the least favorable, with a majority (nine out of twelve) showing negative returns in Bitcoin’s historical price data. Furthermore, it is one of only two months that consistently display negative average and median returns. If this trend persists, September might prove to be more challenging than August.
In other words, despite current struggles with Bitcoin’s price, there is reason to be optimistic. Historically, the month of September has marked the end of a downtrend and the start of a bull market. This suggests that investors may only have one more month to experience losses before the upward trend begins.
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2024-09-02 09:40