Since hitting an all-time high in March 2024, Bitcoin (BTC) value has declined.failed to maintain steady upward momentum and dampened investors’ expectations for a significant price rally after Half eventHowever, one cryptocurrency analyst is offering a glimmer of hope, encouraging investors to be patient despite the bearish market trend, as the next few months could offer a bullish turn for Bitcoin.
A ray of hope for cryptocurrency investors
like He said According to many cryptocurrency analysts, September is historically a difficult period for Bitcoin, characterized by extreme bearish momentum, volatility, and instability. Rekt Capital, a cryptocurrency analyst, He said He has over 500,000 followers on X (formerly Twitter). Bitcoin price has dropped By about 8% in September.
He revealed that the cryptocurrency had seen similar price declines in previous years, falling between 5% and 7% in September 2021, 2020, 2017 and 2018. According to the analyst, this price decline was nothing out of the ordinary, as BTC usually performs poorly this month..
In light of this recurring downward trend, a cryptocurrency expert known as “Unipcs” has offered a ray of hope to investors who have been experiencing sharp declines in Bitcoin prices recently. Stated The past months of October and November were very positive and bullish for cryptocurrency prices, showing strong upward movements.
The analyst noted that this year’s current market cycle follows the same trend as previous years, with Bitcoin seeing a sustained decline in September and Rise in OctoberBased on this historical pattern, Unipcs predicts that the price of Bitcoin may have Big change In the coming months.
He urged investors to hold on to the market a little longer. Stay invested in BTCas he believes the market could soon become more favorable and profitable. The analyst’s forecast is shared by many other crypto experts, who have also identified a recurring decline. Bitcoin price in september.
Rob Inhods, a cryptocurrency enthusiast and analyst, open Bitcoin has only finished September positive three times since its inception in 2012. However, every time, the cryptocurrency saw a significant rise in October, November and December.
Crypto Rover, a prominent Bitcoin crypto YouTuber, He said His followers on X are 825,700 in September usually. Worst month for BitcoinWhile October and November are historically the best months.
Bitcoin price rises after months of decline
On September 10, Santiment, a market intelligence platform, announced, It has been revealed. A new and profound change in Bitcoin price dynamics. According to reports, Bitcoin’s market cap has finally started to rise after witnessing a series of declines And slight increases since the halving event on April 20, 2024.
The cryptocurrency hit a high of $57,600 on Monday, September 9, representing a gain of over 4.8% in the past 24 hours. Despite Big price hikeTraders are still in a state of doubt and are currently shorting shares on several cryptocurrency exchanges such as Binance and BitMEX.
However, Santiment remained optimistic, predicting that fear, uncertainty and doubt (FUD) among traders could lead to further Bitcoin price increasesAt the time of writing, BTC is trading at $57,202, reflecting a 4.14% increase in value, according to CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com