Since reaching its all-time excessive in March 2024, the worth of Bitcoin (BTC) has faltered, failing to maintain a gentle upward momentum and dampening traders’ expectations for a serious bull rally following its halving occasion. Nonetheless, 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 might current a bullish turnaround for Bitcoin.
A Ray Of Hope For Crypto Traders
As stated 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, instructed his over 500,000 followers on X (previously Twitter) that Bitcoin’s worth 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. In line with the analyst, this worth decline was nothing out of the extraordinary, as BTC usually performs poorly on this month.
In mild of this recurring downtrend, a crypto skilled recognized as ‘Unipcs’ has supplied a ray of hope to traders who’ve been experiencing Bitcoin’s extreme worth declines lately. Unipcs acknowledged that previously, October and November have been considerably constructive and bullish for crypto costs, displaying sturdy upward actions.
The analyst famous that this yr’s present market cycle is following the identical development as earlier years, the place Bitcoin frequently skilled a decline in September and an upsurge in October. Based mostly on this historic sample, Unipcs predicts that the worth of Bitcoin might have a main flip round within the coming months.
He has urged traders to carry on a bit longer and keep invested in BTC, as he believes the market will probably change into extra favorable and worthwhile quickly. The analyst’s predictions are shared by quite a few different crypto specialists, who’ve additionally recognized the recurring declining Bitcoin worth in September.
Rob Inhoods, a crypto fanatic and analyst, revealed that Bitcoin has ended September positively solely thrice since its inception in 2012. Nonetheless, every time, the cryptocurrency skilled a main upward rally in October, November, and December.
Crypto Rover, a outstanding Bitcoin crypto YouTuber, additionally instructed his 825,700 followers on X that September is normally the worst month for BTC, whereas October and November are traditionally the very best.
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. In line with experiences, BTC’s market worth is lastly rallying after witnessing a collection 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 important worth enhance, merchants are nonetheless doubtful and are presently shorting markets on numerous crypto exchanges like Binance and BitMEX.
Nonetheless, Santiment has remained bullish, predicting that merchants‘ Concern, Uncertainty, and Doubt (FUD) might probably gas extra spikes in Bitcoin’s worth. As of writing, the worth of BTC is buying and selling at $57,202, reflecting a 4.14% enhance in worth, based on CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
