Every month we will be releasing a brand new issue of the magazine. the Bitcoin performance The market’s performance can be affected by the mood of investors. Investors and analysts have been trying to determine the currency’s value based on the monthly returns available. next Move based on past performance. As August comes to an end, Bitcoin investors Already looking ahead to September with the hope that this new month brings better news.
Bitcoin Ends August With A Negative Trend
As August moved on, Bitcoin’s price experienced multiple drops. In the first week of August, there was a 30 percent drop for the BTC priceThe market crashed, and altcoins were particularly affected.
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The Bitcoin price has recovered since then but is still far away from where it was. In the same vein as the previous two years, the price of Bitcoin has declined in August. According to data Coinglass shows that Bitcoin’s price has dropped by 6.3% since the beginning of August.
This month’s performance isn’t exactly extraordinary. the Bitcoin price Since its conception, the data has shown more months with red than months with green. This data starts in 2013 and provides a 12-year history of returns on monthly basis. In the 12 years since 2013, the BTC closed green 8 times, leaving four Augusts with a green BTC close.
The only time the digital asset closed August with a positive return is during bull markets. In 2017, the digital asset saw a 65.32 % increase. This was followed by positive returns in 2020 and 2021 of 2.83 % and 13.8 %, respectively.
What Will Make September Better?
In the past, September was even more difficult for the Bitcoin price August compared with 8 months of negative returns. Over the past 11 years there were 8 negative months and 3 positive months. In September, the monthly average has dropped to -4.78 %.
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After August’s poor performance, it is expected that September will be better. But not all agree with this viewpoint. Crypto analyst @btc_charlie, on X (formerly Twitter), has warned The September of 2018 may not turn out as expected.
He says that those who predicted a rise in prices are those who have missed it. Bitcoin bottom and top. He advises that investors should instead look at September’s average monthly return, which is negative, to make their decision.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com