Bitcoin is confronted with ‘septembear’, because historical patterns are a monthly high nearby

Bitcoin is confronted with ‘septembear’, because historical patterns are a monthly high nearby

According to historical patterns, Bitcoin sets his monthly high or low in the first 12 days of the month more than 80% of the time.

“It has been a good strategy to wait for the first few days of the month, because it generally sees jerky price promotion with many shake-outs,” said full-time trader and analyst Daan Crypto Trades on Tuesday.

He said that seasonal is not the best for September, but October and November are generally very good. “With all that in mind, at the beginning of this month every larger dip will be one to look closely,” he added.

A bearish month for Bitcoin

According to Bitcoin has fallen for Coinglass in 8 of the last 12 September that it has traded, so there is a good chance that it will also be red because it is a bull market year.

BTC fell by more than 7% in the ‘septembear’ of the Bull market years 2017 and 2021, so a repetition of history could see it sliding to just over $ 100,000 by the end of the month.

“Historically, September was the worst month for Bitcoin, with an average return of -3.47% in the last 13 years,” Analysts’ noted ‘Mags’.

In the short term, ‘Crypto Caesar’ predict A potential struiting of current levels, but warned that a constant downward trend could send BTC back to support at around $ 100,000.

“Bitcoin is exactly on the price realized in the short term,” what an important support/resistance level is to view, said Cryptoquant analyst Ya Marketon.

Moreover, none of the Coinglass Bitcoin Bull market is indicators Are still activated, so that further weight is added to the current decrease as a predictable seasonal correction.

BTC Price Outlook

Bitcoin trades around 2.5%on the day, so that it can recover the level of $ 110,000 for the first time since Friday.

It bounced from an intraday depot of $ 107,500 to reach $ 110,500 on Tuesday morning during the early trade in Asia, but seems to have struck resistance there.

BTC is currently 11% less than the all time, which is quite superficial compared to previous September market corrections … but there is still a long way to go this month.

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