Here's Why Bitcoin (BTC) Price Could Struggle In September
- 王林Original
- 2024-08-30 00:35:19747browse
A YouTube video from Crypto Tips, a YouTube channel, addressed why Bitcoin could struggle or even be bearish in September. The reasons are based on historical factors, price metrics, and political happenings.
A YouTube video from Crypto Tips addressed why Bitcoin could struggle or even be bearish in September. The reasons are based on historical factors, price metrics, and political happenings.
Based on the video, September has historically been a challenging month for Bitcoin. This requires short-term traders and those who want to make quick profits to be very cautious with their strategies.
The analyst stated that he has seen the potential for more pullbacks in BTC price to around the mid-$50,000 range. This is against many analysts’ projections of a bullish price for Bitcoin.
Less Leveraged Traders and More Liquidations
BTC price has started to go down as the crypto analyst suggested. Some of the reasons behind this, according to the video, are that open interest remains high, although there has been decreasing leverage within the Bitcoin space.
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There have been various liquidation activities for Bitcoin, and analysts think this is positive for crypto, discouraging leveraged trading activities. The analyst sees holding and buying Bitcoin for the long term as a preferred strategy.
September Has Been a Bad Month
Historically, September has been the worst-performing month for Bitcoin over the past decade. According to data shared by Lark Davis, Bitcoin has only seen positive returns in September three times in the last ten years.
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However, the analyst notes that this bull market differs from previous cycles, as Bitcoin reached all-time highs before the halving event. He attributes this to increased institutional involvement rather than purely retail-driven price action.
The analyst suggests that significant price movements typically occur around 130 to 160 days after the BTC halving. Currently, Bitcoin has been trading within a range for about 36 days post-halving. While cautioning short-term traders, he reassures long-term spot holders that their position remains strong.
Geopolitical Tensions Between France and UAE
The analyst also mentions recent geopolitical events affecting the crypto space, including tensions between France and the UAE involving Telegram’s founder, and allegations of Binance seizing Palestinian crypto assets at Israel’s request.
The analyst thinks that during these trying periods, it is better to keep Bitcoin using a self-custody method rather than with exchanges to reduce the risk associated with geopolitical factors.
The presenter thinks that Bitcoin remains positive and bullish in the long term, especially for those holding Bitcoin without leverage.
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