Bitcoin May Undergo Massive Price Action in September! Analyst Shares BTC Price Action for the Month
Bitcoin price is been closely watched nowadays by many. The unexpected twists and turns have not only surprised many but also have outspread the uncertain clouds over the upcoming rally. Historically, September has been proven to be the most bearish month of the year. Therefore, many analysts believe the star crypto may reach the bottom soon.
A closely followed crypto analyst also highlight that September is not so good for Bitcoin and the entire crypto space. The BTC price usually declines by nearly 6% to 8% in September but eventually rises notably with the beginning of Q4 in October.
However, the analyst is still poised to trade between $18,000 & $48,000 after maintaining a sideway trade until April 2024. Further, a huge upswing may en-route the BTC price towards a new ATH. Until then, the analyst believes Bitcoin may not undergo major surges and upswings as SPX is breaking down harder.
It's hard to get too excited about $BTC and major pump pumps when the SPX looks like thisThere are going to be outlier assets that outperform and still pump in this bearish environmentBut overall, outside of those tokens it's hard to want to go heavy with equities downtrend — Rager (@Rager) August 29, 2022
On the other hand, analyst pointing toward the Ethereum (ETH) price rally believes that the Merger hype has already been priced in. The asset has already displayed a 100% surge, a couple of times before and also has been trading sideways since then.
Presently, Bitcoin & Ethereum prices are trading around $20,232.61 & 1520.41 respectively with a jump of 1.10% & 2.23%.The upcoming monthly close is also expected to be bullish and settle above $22,500 & $1700 in order to begin the Q4 trade on a bullish note.Source