As per data from CoinMarketCap, Bitcoin had a turbulent month of August. It lost 7,75% its market value over the last seven days. The price drop highlights the negative performance the cryptocurrency market leader has had in the past month. A monthly price decrease of 10.64% was recorded. In spite of this downward trend, historical data on the price indicates that bears could retain control over the market in the next few weeks.
Analysts Say that September is a month with negative returns.
You can also find out more about the following: an X post Ali Martinez, an acclaimed crypto analyst and a well-known Bitcoin investor has warned investors on Friday to prepare for what might be a volatile time. “tough” In September, there is a period. Martinez cites historical data to show that Bitcoin’s performance has been consistently negative in September for eight out of the past 11 years.
Bitcoin’s average and median prices have fallen by 4.78% and 5.58 percent respectively. The premier cryptocurrency could trade between $55,618 and 56,105. next Four-week period
This period of possible price losses could be an opportunity to buy. massive BTC accumulation. Bitcoin’s monthly performance shows the market leader in crypto has had a significant increase in price in the fourth quarter, with a total positive return in October Nine of the past 11 years.
In the last two bull cycles, November has been a month that investors have favored. It recorded gains of net 42.95% in 2020 and of 53.48% in 2017. The month of November is a good indicator for price increases, as the average increase has been 46.81%.
Investors may wish to be cautious in December. Bitcoin experienced gains of 46.92% in December 2020, but also significant losses at 34.81%. In the last month of 2013, the leading cryptocurrency showed a similar performance, with an average gain of 5.45%, and a median loss of 3.59 %.
Bitcoin Price Outlook
Bitcoin is currently trading at $59 218 and has seen a decline of 0.84% in the past day. The asset’s daily trading volume is up 3.05% and currently worth $33.38 billion.
BTC’s daily chart indicates that BTC is undergoing price consolidation. If this price consolidating phase breaks, it could see a move towards the $65,400 zone. Data from the relative-strength index, however, indicates that Bitcoin remains far away from oversold territory and may be headed for more losses. Investors could be prepared for an eventual fall of around $53,800.
BTC Trading at $59230 on Daily Chart | Source: BTCUSDT chart on Tradingview.com
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Source: www.newsbtc.com