Because September is often a “red” month, there are serious concerns about the future for monthly timeframes.
Bitcoin hodlers are naturally scared after two significant drops in the price of BTC in recent weeks, but historically, September has performed even worse than August.
Since 2015, when the pair showed an 18.67% red monthly candle, the BTC/USD pair has lost the most money in August, falling 14% to $20,000 this month.
Regarding the BTC price performance, subsequent years have shown that August may be a mixed bag; for instance, in 2017, the largest cryptocurrency gained almost 65% in a bullish record.
But in the likely price direction, September has left no one in the dark. Since Coinglass statistics were kept in 2013, average losses have been approximately 6%, making January already well-known as a “red” month for Bitcoin.
Bitcoin Risks In Worst August Since 2015:
This time, analysts’ grim predictions result from a combination of macro instability and custom.
Rager was discussing the chance that creditors who will eventually receive the bitcoins from the Mt. Gox rehabilitation procedure will sell them in bulk after an eight-year delay. According to Cointelegraph, despite unfounded suspicions to the contrary, many people think that such an event won’t take place.
Concerned analysts focused on whether Bitcoin could escape having its monthly candle finish below $20,000 as the month ended.
If it didn’t, BTC/USD would be right behind June in terms of lows that haven’t been on the chart before the end of 2020.
According to Caleb Franzen, senior market analyst at Cubic Analytics, a pivot zone that has been in place since the first advance over that level in 2020 would be violated by a move much below $20,000 in the market.
