Bitcoin has experienced a bloodbath in the last month. Several analysts have reviewed its recent price movement to find out what it might bring this September.
Mags on X, a renowned cryptocurrency analyst has been recently added to the list. shared One of his recent blog posts provides an interesting perspective on Bitcoin’s current market behavior.
Bitcoin Set for September Rally
Mags noted that Bitcoin is entering its seventh monthly after a period of consolidation lasting since March.
He made a comparison to the pattern seen last year when Bitcoin started its consolidation also in March. recovering by September.
Mags claims that Bitcoin’s price increased by 195% over the next seven months. The historical patterns have raised the question whether or not September will once again be a volatile month. pivotal month Bitcoin.
#Bitcoin – september is a bearish month ?
Bitcoin, as we all know, has been in a phase of long-term consolidation for several months.
The PA has been going sideways since March. What if I said we had a similar pattern in the past?
Back then, the consolidation… pic.twitter.com/8PJ8MMNEUR
— Mags (@thescalpingpro) September 2, 2024
Bitcoin shows signs of a negative trend. It has fallen below $60,000, the psychologically significant level. In the last week, there has been a significant drop in the price of bitcoin. cryptocurrency The decline in the number of people has been 9.9%.
BTC is currently at $58,411, an increase of 0.3% over the last 24 hours.
BTC’s Next Steps Are Expected
In response to Bitcoin’s recent price action, prominent crypto analyst Captain Faibik offered his outlookAccording to Faibik, Bitcoin could test $54,000. Faibik says that Bitcoin might test the $54,000 mark. support area Once again,
The bulls should defend this level as the bounce from $54,000 to $68,000 could lead to an increase in price to that level by September.
The scenario is in line with Mags’ theory that the month of September may be an important one. turning point Bitcoin’s recovery is similar to that of last year.
Willy Woo added to the conversation by providing his own insights. insights Woo noted that the supply dynamics affect Bitcoin’s prices. Woo said that BTC coming from Mt. Gox, the US Department of Justice and other sources are gradually being revealed. “absorbed”By the market.
The decline in paper BTC betting is also a sign of positivity, according to Woo. Woo said that overall, the sentiment of the market has changed from negative to neutral. He believes that this could be a sign that the worst selling may have ended.
Chart created by DALL-E.
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Source: www.newsbtc.com