Based on historical data, Bitcoin price has been predicted to either hit a new high for the month or significantly tap a lower level. Typically, Bitcoin and even other cryptocurrencies have a history of failing to hold their bullish price in September.
A recent article shared by Tronweekly emphasizes this fact, as the details covered shared that Bitcoin has hit its lowest point since July. Another X post also shared that the first weeks in the month of September are either very bullish or bearish for Bitcoin.
Also Read: Bitcoin Hits Lowest Since July with Support at $105,000 in Focus
According to Him, based on the past trends, Bitcoin usually reaches either its highest or lowest price for the month during the first twelve days, and this happens in more than eight out of every ten months, further solidifying that it could be a trend.
Coinglass shared data regarding Bitcoin’s previous prices, and according to the data, since Bitcoin started trading in 2013, which is 12 Septembers since then, Bitcoin’s price has consistently fallen more than it has risen. So basically, the data showed that out of the 12 times Bitcoin has been traded, its price has faced a drop 8 times, with the highest price drop of over 14% in 2014.
Source: Coinglass
So far, the price has not successfully been able to push up by 10%, further cementing the fact that this month could also follow the bearish trend. As of the time of writing, Bitcoin is currently trading at $110,169 and has a 24-hour high of 1.6%.
Source: Coingecko
So far, the technical indicators are signalling danger in the market, with Bitcoin’s MACD histogram in the red, reflecting pressure also Bitcoin is currently at about 11% below its all-time high which is a smaller drop compared to what usually happens in past September pullbacks, but the month still has plenty of time left for more movement as traders and investors continue to keep an eye on the future movement of the token.
Also Read: Solana Surges Despite Pullback: Breakout Around $240 Level
Also read: Remora Launches Tokenized U.S. Equities on Solana With 24/7 Crypto Access
