Bitcoin (BTC) Price Prediction: Will September Be Another Bearish Month?

Bitcoin has historically been bearish in September, and it seems that this year will be no different. This morning, Bitcoin fell another 4.46%.

Bitcoin price dropped 4.46% on Friday morning, continuing its bearish trend in September.

After climbing back up to $65,000 on August 24 and consolidating in that zone for two days, BTC started to decline on August 26, signaling that September will likely be another bearish month for the cryptocurrency.

Major stocks in the US and Asian equity markets fell by as much as 10% on Friday, leading to losses in the international stock market.

Nasdaq 100 and S&P 500 futures indicated a drop of about 3.5%. In Asian markets, losses were seen not only in stock indices but also in currencies and commodities.

If the traditional markets begin to show a loss, it is common for the crypto market to witness a fall as well.

Bitcoin is currently trading at $56,751, trying to stay above the latest support zone of around $56,600.

If it fails to hold this level, Bitcoin may be forced to head toward $54,000. The Fear and Greed Index was recorded at 27 this morning, indicating a bearish sentiment in the market.

The RSI has dipped down to the 33.43 mark, signaling a decrease in the bull’s strength.

Bitcoin’s price drop caused a decline in altcoins as well. The second-largest cryptocurrency, Ether, fell by 6.07%, while BNB, Solana, and Dogecoin saw drops of 4.29%, 6.13%, and 3.75%, respectively.

Altcoins tend to follow Bitcoin’s lead, and we can see a 4.67% fall in the market cap of the whole crypto market, which now stands at $1.99 trillion.

This occurrence at the beginning of September could be a market signal that the month will indeed be bearish, and history is likely to repeat itself.

Investors are advised to exercise caution while making financial decisions during this time.

While this can be a challenging period for investors, traders always find opportunities to make some profits.

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