Analytics Firm Glassnode Founders Say a Bearish September Monthly Candle for Bitcoin (BTC) Is Less Likely Than the Market Believes
- WBOYOriginal
- 2024-09-05 06:07:15537browse
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63000 followers on the social media platform X that they doubt 2024 will print another red September.
Analytics firm Glassnode’s founders say that a bearish September monthly candle for Bitcoin is less likely than most anticipate.
Jan Happel and Yann Allemann, who’s also known as Negentropic, shared their thoughts with their 63,000 followers on social media platform X, stating that they’re skeptical that 2024 will produce another red September.
“September is historically bearish for Bitcoin with many calling it ‘The Curse of September.’
We doubt 2024 will add to this narrative:
– The month is starting on a low note, with upward catalysts
– If everyone’s expecting it, it’s less likely to happen (Soros’ reflexivity)”
Negentropic notes that although BTC is down to begin the month, the flagship cryptocurrency is up when paired with the Nasdaq 100 index. According to the analysts, they anticipate the outperformance to continue.
“Feeling bearish? Since September’s market open…
Bitcoin has significantly outperformed the NASDAQ 100. See the BTC-QQQ performance below.
In the past this was a rare sight on down days, in the future we suspect it will be common.”
As crypto markets experience a mid-week sell-off, the analysts added that some outlier altcoins displaying strength may be ones to watch in the coming days. They highlight Starknet (STRK), Celestia (TIA) and Jupiter (JUP) as examples.
“When identifying altcoins to analyze, ‘red days’ are useful.
In the heatmap, boxes are sized by volume/market cap, and colored by today’s performance.
Altcoins bouncing back from the dip with strong volume (big, green boxes) might have fundamental strength.
STRK, TIA, JUP.”
Bitcoin is currently trading at $58,374, and the total crypto market cap (TOTAL) is just above the $2 trillion mark at the time of writing.
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