The post Bitcoin Buying Opportunity, Expert Reveals Best Time to Invest appeared on BitcoinEthereumNews.com.

On September 7, 2024, Bitcoin and other major cryptocurrencies experienced a significant price decline and have been continuously falling. Amid this market downturn, a crypto expert recently shared a post on X (formerly Twitter) highlighting how market corrections often occur in September before prices skyrocket in October. In a post on X expert noted, “You don’t get a good October without a bad September.” Best Time to Buy Bitcoin, Report CoinGlass’s Bitcoin Monthly returns show that September is a bearish month where BTC experienced a massive price drop or correction before a significant price surge in October. In the last five years, September has been bearish for Bitcoin four times, while October has seen a price surge with a 100% success rate. Source: CoinGlass This data indicates that now is the perfect time to buy Bitcoin before October begins. As of now, BTC has lost 8.3% of its value this month. Bitcoin Technical Analysis According to expert technical analysis, Bitcoin is near a crucial support level of $53,000. Since July 2024, it has reached this level four times, and each time it has seen significant buying pressure.  Source: Trading View Based on the historical price momentum, there is a high chance that BTC’s price may rebound and soar to the $67,000 level. However, if BTC fails to hold this level, it could fall to the $47,500 level or even lower.  Mixed Sentiment from On-chain Metrics Besides this technical analysis, CoinGlass’s BTC Long/Short Ratio is a sentiment indicator that highlights trader views and market sentiment. Currently, this ratio stands near 0.965, indicating a bearish sentiment. Additionally, the data also shows that nearly 51% of top traders hold short positions, while 49% hold long positions. Source: CoinGlass On Binance, however, 78.05% of top traders are currently holding long positions, while only 21.95%…

---

Filed under: News - @ September 7, 2024 12:20 am