BTC Price Analysis: What Does the ‘Worst Period of the Year’ Hold for Bitcoin?
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Bitcoin enthusiasts might be on edge, especially with prominent crypto analyst Michael van de Poppe raising alarms over the recent market fluctuations. He’s highlighted the rocky terrain Bitcoin seems to be treading, especially with its value dipping below crucial benchmarks.
We’ve broken down everything you, the investor, needs to know. Read on!
Bitcoin’s Vulnerable Stance in September
Van de Poppe firmly believes that September has historically been a tough month for Bitcoin. He points out that the last time Bitcoin had a positive month was way back in 2016 and 2015. Following those years, Bitcoin typically experienced losses ranging from 5% to 8% every September. Given this historical trend, he predicts that the price may drop further, possibly reaching levels between $23,000 to $24,000, lurking beneath the 200-week EMA.
The worst period of the year, September, for #Bitcoin.
Are we going to continue falling down? Are we continuing the bear market cycle and are we expecting #Bitcoin to test $20K, while approaching the halving, ETF’s and more?
Bitcoin drops to $25.5K. What’s next?
I’ve… pic.twitter.com/CuBXFE8WnZ
— Michaël van de Poppe (@CryptoMichNL) September 1, 2023
Read More: Bitcoin Price Drops 4.60% in Opening Hours of September, Is a Bottom in Sight?
What Caused the Recent Price Drop?
This crypto expert also takes a closer look at the recent aggressive price drop to $25,800. While some saw this as an attractive entry point, van de Poppe expressed skepticism. He believed that after such a significant dip, another drop could be on the horizon. His predictions seemed accurate when the price took another hit, slipping below the critical $25,700 mark and staying there.
Yet… All hope is not lost
Despite the recent price downturn and the expectation of more short-sellers due to delays in ETF approvals, van de Poppe remains hopeful. He suggests that this might be the “final dip before we can proceed in an upward direction.”
Referencing historical patterns, he pointed out that the last quarter of 2015 witnessed a massive upswing. If history repeats itself, the end of this year could mark a significant turnaround for Bitcoin, especially with 2024 being a pivotal year for the cryptocurrency.
Crucial Price Range to Watch
According to van de Poppe, the Bitcoin price range of $24,700 to $25,200 deserves close monitoring. If the currency hovers around this range, it could indicate the end of the lows and potentially signal a bullish surge. However, he issues a warning that if this zone is breached, further drops to levels around $23,000 to $23,500, or even as low as $20,000, could be in the cards.
Read More: Prepare for a September Bloodbath: Bitcoin to Drop to $12,000 Soon?
As always, insights from experts like Michael van de Poppe provide valuable guidance for assessing the future of cryptocurrency markets. For potential investors, the final months of this year and the beginning of 2024 could present critical decision-making moments.
What is your investment strategy for September? Cashing in on the lows or steering clear of the storm? Tell us!
Filed under: Bitcoin - @ September 2, 2023 6:54 am