according to Data from CoinMarketCap, Bitcoin had a turbulent end to August, losing 7.75% of its market value in the last week. This price drop confirms the overall negative performance of the crypto market leader over the past month, with a monthly price decline of 10.64%. Interestingly, amidst this bearish trend, the asset’s historical price data suggests that bears may retain control of the market in the coming weeks.
Analysts say September has been a common month for negative returns.
in Share X On Friday, prominent cryptocurrency analyst Ali Martinez urged Bitcoin investors to prepare for what could be a “difficult” September. Based on historical price data, Martinez notes that Bitcoin typically posts a cumulative negative performance in September, as it has in eight of the past 11 years.
During this period, Bitcoin saw a median and average price loss of 4.78% and 5.58% in September, respectively. Hence, investors can expect the leading cryptocurrency to trade at a low of $55,618 to $56,105 in the next four weeks.
Interestingly, this period of potential price losses could be an opportunity to accumulate massive amounts of Bitcoin. According to Bitcoin’s monthly returns, the former crypto market leader has seen significant price gains in the fourth quarter, with a cumulative positive performance in October for 9 of the last 11 years.
Meanwhile, November could be a favorite for investors after posting net gains of 42.95% (2020) and 53.48% (2017) in the past two bull cycles. Overall, November shows great potential for a significant price increase, with an average price gain of 46.81% since 2013.
However, investors may want to be cautious in December. While Bitcoin previously recorded gains of 46.92% (2020) in December, there were also significant losses of 34.81% (2013). Notably, in this final month of the year, the leading cryptocurrency showed an almost equally double-digit performance, recording an average price gain of 5.45% and an average price loss of 3.59%.
Bitcoin Price Prediction
At the time of writing, Bitcoin is trading at $59,218, down 0.84% in the last day. Meanwhile, the asset’s daily trading volume has increased by 3.05% and is currently worth $33.38 billion.
According to the daily chart of Bitcoin, the leading cryptocurrency is in a price consolidation phase, and breaking out of it could lead to a rally to the $65,400 price zone. However, data from the Relative Strength Index suggests that Bitcoin is far from the oversold zone and could be set for further losses. In such a case, investors may prepare for a potential drop to around $53,800.
Bitcoin is trading at $59,230 on the daily chart | Source: BTCUSDT chart on Tradingview.com
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