August is Historically Not a Good Month for Bitcoin – But How Does BTC Perform in September?
In a month that has historically seen its fair share of volatility, Bitcoin ($BTC) has once again made headlines with its significant retracement. This August, the premier cryptocurrency has already witnessed a -13% pullback, marking it as one of the most substantial August retracements in its decade-long history.
Historical Context:
- Deepest August Retracements: In the past, Bitcoin has seen August retracements of up to -17% and -18%. Such levels of pullback are noteworthy, especially when considering the overall volatility of the crypto market.
- According to historical data, August has been Bitcoin’s worst-performing month between 2010 and 2018.
- Bitcoin has experienced seasonal summer declines from June to October, with August being particularly weak.
- In 2023, August has seen losses of around 11% for Bitcoin.
- However, it’s important to note that historical trends are not always indicative of future performance, and other factors can influence Bitcoin’s price movement.
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Show more +Historical Performance of Bitcoin in September:
- September is generally considered a negative month for Bitcoin’s price performance.
- Bitcoin has shown monthly gains in September only in 2015 and 2016.
- In other years, September has been historically favorable for bears rather than bulls.
- The performance of Bitcoin in September 2023 is uncertain, especially considering the recent bear market and the anticipation of a potential bull market leading up to the Bitcoin halving in 2024.
Potential Future Movements:
- If Bitcoin were to mimic its historical August retracement of -18%, we could potentially see its price plummeting to approximately $24,500.
- However, it’s essential to factor in the upcoming month. Historically, September has often been painted red for Bitcoin. If this trend continues, the market might brace itself for further downside in the coming month.
- On a brighter note, while September might start on a bearish note, the probability suggests that any downside would likely be limited to single-digit percentages.
Please note that these historical trends are based on past data and should not be the sole basis for making investment decisions.
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