After hitting a brand new all-time excessive above $24,000, Bitcoin has been unable to carry up the momentum and has spiraled again down once more. In gentle of this, crypto analyst Physician Revenue has predicted that the Bitcoin worth is definitely going to fall below $100,000. If this prediction is correct, then it signifies that that is solely the start of the BTC decline, with extra crashes anticipated to occur within the close to future.
September Will Be Bearish For Bitcoin
In an X (previously Twitter) post, the crypto analyst factors out that the Bitcoin worth crash is way from executed. That is particularly because the month of August is racing towards an finish after the beginning of the month had been extra bullish than not. With the brand new month already swimming into view, the analyst expects Bitcoin to interrupt beneath a significant psychological stage.
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Physician Revenue explains that the Bitcoin worth correction is anticipated to proceed and can bleed into the month of September. What’s extra necessary is the prediction that Bitcoin will finally crash beneath $100,000 in September, suggesting that the month will likely be dominated by bears.
If this occurs, it could be the primary time since June that the worth has crashed beneath $100,000. Up to now, the cryptocurrency has spent two consecutive months above the $100,000 stage, suggesting that this has change into a significant assist stage for the worth.
Regardless of this prediction, the crypto analyst doesn’t imagine that the bull market is over. If something, the crash beneath $100,000 is anticipated to solely be a brief correction before the move continues. After the crash, Physician Revenue says the bull market will then proceed once more.
Historic Knowledge Helps Bearish Month
Physician Revenue’s prediction that the month of September will be bearish for Bitcoin and see the worth crash beneath $100,000 is supported by historic knowledge exhibiting that the digital asset has often carried out poorly for the month. Utilizing data from the CryptoRank web site, we are able to see that 9 out of the final 14 years have seen the Bitcoin worth shut out the month of September within the crimson.
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The month is, on common, the worst by way of common returns for BTC traders. It reveals a mean return of -5.58% over the past 14 years, and a median return of -4.43%. Which means that the month of September is established as a bearish month for Bitcoin, and if this pattern holds, then it’s seemingly that the worth will crash once more.
Featured picture from Dall.E, chart from TradingView.com
