Since reaching its all-time high in March 2024, the value of Bitcoin (BTC) has faltered, failing to sustain a steady upward momentum and dampening investors’ expectations for a major bull rally following its halving event. However, a crypto analyst is offering a glimmer of hope, encouraging investors to remain patient despite the market downtrend, as the next few months could present a bullish turnaround for Bitcoin.
A Ray Of Hope For Crypto Investors
As said by many crypto analysts, the month of September is historically a difficult period for Bitcoin, characterized by severe downward momentum, volatility and instability. Rekt Capital, a crypto analyst, told his over 500,000 followers on X (formerly Twitter) that Bitcoin’s price has plummeted by approximately 8% this September.
He revealed that in the previous years, the cryptocurrency witnessed a similar price decrease, falling between the range of 5% to 7% in the September of 2021, 2020, 2017 and 2018. According to the analyst, this price decline was nothing out of the ordinary, as BTC typically performs poorly in this month.
In light of this recurring downtrend, a crypto expert identified as ‘Unipcs’ has offered a ray of hope to investors who have been experiencing Bitcoin’s severe price declines recently. Unipcs stated that in the past, October and November have been significantly positive and bullish for crypto prices, showing strong upward movements.
The analyst noted that this year’s current market cycle is following the same trend as previous years, where Bitcoin continually experienced a decline in September and an upsurge in October. Based on this historical pattern, Unipcs predicts that the price of Bitcoin could have a major turn around in the coming months.
He has urged investors to hold on a bit longer and stay invested in BTC, as he believes the market will potentially become more favorable and profitable soon. The analyst’s predictions are shared by numerous other crypto experts, who have also identified the recurring declining Bitcoin price in September.
Rob Inhoods, a crypto enthusiast and analyst, revealed that Bitcoin has ended September positively only three times since its inception in 2012. However, each time, the cryptocurrency experienced a major upward rally in October, November, and December.
Crypto Rover, a prominent Bitcoin crypto YouTuber, also told his 825,700 followers on X that September is usually the worst month for BTC, while October and November are historically the best.
Bitcoin Rallies After Months Of Decline
On September 10, Santiment, a market intelligence platform, unveiled a new and profound change in Bitcoin’s price dynamics. According to reports, BTC’s market value is finally rallying after witnessing a series of declines and slight upticks since its halving event on April 20, 2024.
The cryptocurrency reached a price high of $57,600 on Monday, September 9, representing a more than 4.8% increase in the past 24 hours. Despite the significant price increase, traders are still in doubt and are currently shorting markets on various crypto exchanges like Binance and BitMEX.
However, Santiment has remained bullish, predicting that traders‘ Fear, Uncertainty, and Doubt (FUD) could potentially fuel more spikes in Bitcoin’s price. As of writing, the price of BTC is trading at $57,202, reflecting a 4.14% increase in value, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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