September has been a traditionally bearish month for bitcoin and the remainder of the crypto market by extension. Back in 2021, bitcoin’s deviation from anticipated market developments had sparked hope that it will break the September curse, however alas, it adopted it to a T. This is why with the brand new month already ushered in, there are expectations that the worth of BTC will proceed to dive and certain attain decrease developments because it enters the worst of the bear market.
Analyst Says Brace For Impact
One of those that have referred to the September curse of their evaluation of the worth of bitcoin is Scott Redler, the Chief Strategist at T3 Trading Group. Redler posted a bitcoin chart outlining the motion of the digital asset since final 12 months, marking essential technical factors that had triggered a downtrend in its worth.
An essential stage that has been mapped out by BTC currently is the $17,600. This represents the brand new native low after the cryptocurrency had set a brand new file and plunged beneath its earlier cycle peak. Now, $17,600 has turn into the extent for bulls to carry to keep away from additional decline.
Redler’s chart reveals that if the digital asset fails to carry above this stage, then the following help lies round $13,500. But much more attention-grabbing is the truth that beneath $13,500, the following attainable level is on the dreaded $10,200.
BTC worth fails to carry $20,000 | Source: BTCUSD on TradingView.com
The strategist explains that the month will decide the place the worth of BTC finally ends up following this. However, if bulls are capable of maintain above this stage, which finally ends up serving as a bounce level, then BTC’s subsequent main stage lies simply above $25,000.
Will Bitcoin Suffer This Month?
Bitcoin is an asset that has at all times adopted historic developments carefully. Even when it had damaged out of set developments again in 2021, it nonetheless stored near others. One of these was the notorious “September Curse.” For anybody who doesn’t perceive what that is, the time period was coined as a result of bitcoin’s worth has at all times recorded a decline throughout this month.
Last year was no different in this regard although the crypto market is deep within the throes of a bull market. Bitcoin had began the month of September 2021 at round $53,000 however had misplaced greater than $10,000 of its worth by the point the month drew to an finish. This was despite exceptional adoption, reminiscent of El Salvador formally accepting the cryptocurrency as a digital asset and Cardano lastly debuting sensible contract functionality.
Given this, it’s attainable that bitcoin will follow this pattern. The digital asset is already displaying indicators of decline, beginning the month above $20,000 and already falling beneath this essential technical stage. If BTC went the way in which it did in 2021, the worth will doubtless drop to round $16,000, which might account for about 20%, in keeping with earlier downtrends.
Featured picture from Analytics Insight, chart from TradingView.com
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