This article is available in Spanish.
Bitcoin has suffered its second-worst monthly close in the year 2024 after completion of August with 8.6% losses. This only falls short of April’s losses when the price fell 14.76% in one month. As this red lockdown has shocked investors, mixed feelings followed the month of September. While some expect the Bitcoin price to recover during this period, others expect the bearishness to continue, with one analyst expecting a significant price drop.
September Witness Another Bitcoin Price Drop?
A crypto analyst with username @thedefivillian on the X Platform (formerly Twitter). outlined there is a possible price crash coming for Bitcoin. The crypto analyst points out that there have been massive price drops for the pioneer cryptocurrency over the past two months and that September will be no different.
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More specifically, the crypto analyst points out that the 5th of every month has seen a price crash. The first was on July 5, when the Bitcoin price fell below $55,000. Then again, on August 5, the Bitcoin price saw another major crash that dropped it below $50,000.
With September also expected to be bearish, the crypto analyst believes another crash could be coming. “September 5th is coming. Are you ready for another traumatizing event?” read the X message.
If this trend continues, Bitcoin price could see another major crash on September 5. Considering the past two months, when each crash has been worse than the last, a possible crash on September 5 could be even worse from now on, potentially leading to pressure. the BTC price under $40,000.
A bearish month to take into account
Historically, the month of September has been very bearish for the Bitcoin price. This fact is also made even more prominent by the fact that the month has already started in the red as the BTC price has failed to reach the $60,000 level again, according to facts from Coinglass.
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On average, it is one of the most bearish months and one of only two months where both the mean and median produce negative returns. From twelve years of historical price data, the month of September has been negative for Bitcoin for nine years. If this trend continues, September could be even worse than August.
However, there is light at the end of the tunnel for Bitcoin price as the month of September has often been the last bearish month before each bull market begins. This means that investors may only have one month left to suffer losses before the bull run begins.
Featured image created with Dall.E, chart from Tradingview.com