Bitcoin has recently experienced its second worst monthly close in 2024, with an 8.6% loss in August. This is only surpassed by the losses in April, when the price dropped by 14.76% in a single month. The market has been hesitant, showing mixed feelings among investors heading into September.
Forecast for Bitcoin Price
Some analysts predict a potential recovery in Bitcoin price during September, while others anticipate a continued bearish trend. @thedefivillian, a crypto analyst on X, has raised concerns about a possible price crash incoming for Bitcoin. The analyst points out that the last two months have witnessed significant price drops for Bitcoin, suggesting that September might not be an exception.
@thedefivillian highlights a pattern where price crashes have occurred on the 5th of each month. July 5 and August 5 saw major crashes that brought the Bitcoin price below $55,000 and $50,000 respectively. With September shaping up to be bearish as well, the analyst warns of another potential crash on September 5, raising concerns about the price potentially dropping below $40,000.
Historically, September has been a bearish month for Bitcoin, with negative returns in most years. Data from Coinglass indicates that September has started in the red, failing to break past the $60,000 level. This trend of negative performance in September is further supported by historical data, with the month showing negative returns in nine out of 12 years for Bitcoin.
Despite the bearish outlook for September, there is hope that the Bitcoin price may see a turnaround soon. Historically, September has often been the last bearish month before the beginning of a bull market. This suggests that investors may only need to endure one more month of losses before the market potentially shifts towards a bull run.
