BTC is still below $60,000 and PCE data has not been supportive of the price increase. September has arrived. After this year’s peak, Bitcoin found itself in a long, boring period. The sudden declines that wore out investors caused the losses in altcoins to accelerate even more. So what are the expectations for September?
Bitcoin (BTC)
Personal Consumption Expenditures (PCE) data did not change the situation in crypto. Although it strengthened the September interest rate cut estimates as it came just below expectations, this was already certain. Investors cannot reach the expected demand point for BTC at higher levels. This is fed by the motivation of investors who have become accustomed to rapid losses that have been going on for a long time, to sell profits quickly. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Popular cryptocurrency analyst Crypto Ed is not very hopeful about the market due to the closes below $62,000. He also emphasizes that his bullish motivation will not be revived unless this key area is broken.
“$62,000 is my key level. If we break above $62,000 and get back down, I’m going to be much more bullish.”
Bitcoin September Forecast
Crypto Ed also drew attention to the fractal from August 2023. At that time, the price had made a strong bottom at $25,000 before the last quarterly rally. This means that we may not see the good moves we expected in September in crypto, considering the historically weak performance of the third quarter.
The second analyst, Josh Rager, likens today’s movement to 2020. The relationship between stocks and BTC is what he draws attention to here.
“Stocks are at near all-time highs. That’s exactly what happened last Bitcoin halving year heading into September 2020. Stocks reached new highs in late August 2020 and then fell over -10% in September. Let’s hope for different results in September, or BTC And crypto- will suffer.”
The last analyst Titan is optimistic that persistent closes above $ 59,600 could trigger an upward movement. However, the BTC price is stalling at the $ 59,000 mark as the volume-free weekend approaches. In the scenario where the excitement of interest rate cuts does not lift the crypto, the current lack of demand indicates that this boring period may continue for a while.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
