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Bitcoin price to $20,000..the most important predictions for the month of September
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Economy News-Baghdad
Views 33
Added 09/03/2023 - 1:34 PM
https://economy-news.net/content.php?id=36152
Articles
Economy News-Baghdad
Historically, September has proven to be the worst period for Bitcoin (BTC). This time, things are no different. The world's largest cryptocurrency Bitcoin (BTC) came under strong selling pressure once the US Securities and Exchange Commission (SEC) delayed all seven Bitcoin ETF orders.
As of the time of writing, Bitcoin is trading at $25,779 with its market afloat above $500 billion. Market analysts believe that the price of Bitcoin may record further declines with no clear catalyst on the horizon.
Popular cryptocurrency analyst Van de Poppe wrote that many short positions are likely to be piling up in anticipation of further downtrends. Especially since we're seeing delays in ETF approvals. This is likely to be the last drop before we resume the uptrend.
He added, “September is often a bad month for the markets. It's the worst month in Bitcoin history. And in previous years. We also saw a huge amount of bloodshed."
In the history of Bitcoin, the only two instances of Green September were in 2015 and 2016. After that, the bitcoin price was losing an average of 5-8% every month. This could mean that bitcoin price could drop below the 200-week exponential moving average and head towards $23-24k.
Bitcoin price range between $24,700 and $25,200 is an important area to watch for potential entry points. If we see a successful test of these lows. This may lead to the formation of large bullish divergences. However, if this range is breached. We could go deeper, perhaps around $23,000 to $23,500, or even below $20,000.
On-chain bitcoin indices are showing weakness as bitcoin price continues to see strong selling pressure. On-chain data also confirms that Bitcoin lacks significant support at $25,400.
Another constant metric to watch is the accumulation of stablecoins for whales. According to Santiment, bitcoin whales appear to be completely indecisive at this moment. The rise in the stablecoin portfolio volume of bitcoin whales signals a rebound.
Views 33
Added 09/03/2023 - 1:34 PM
https://economy-news.net/content.php?id=36152
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