In a recurring historical pattern, Bitcoin (BTC) finds itself in the throes of a challenging September once again, and this time appears to be no exception. The world’s preeminent cryptocurrency, Bitcoin is facing considerable selling pressure following the U.S. Securities and Exchange Commission’s (SEC) decision to postpone the approval of all seven spot Bitcoin ETF applications.
Prominent cryptocurrency analyst Micahel Van de Poppe took to Twitter to offer his perspective, suggesting that the postponement of ETF approvals might trigger an influx of short positions as traders brace for potential bearish trends. Nevertheless, Van de Poppe also sees a ray of optimism, suggesting that this downturn could signify the final leg of the bearish cycle before a resurgence of bullish sentiment takes hold.
The worst period of the year, September, for #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) September 1, 2023
Are we going to continue falling down? Are we continuing the bear market cycle and are we expecting #Bitcoin to test $20K, while approaching the halving, ETF's and more?
Bitcoin drops to $25.5K. What's next? 👇
I've… pic.twitter.com/CuBXFE8WnZ
According to Michael Van de Poppe, September’s historical performance in the financial markets is far from reassuring. Bitcoin has often witnessed its worst days this month, marked by significant downturns. The last time a green September occurred was back in 2015 and 2016. Since then, the cryptocurrency has typically shed between 5% to 8% in September, potentially pushing Bitcoin toward the $23K to $24K range, below the 200-week EMA.
Many investors are now paying close attention to the Bitcoin price range between $24,700 and $25,200. This range could be a crucial entry point for investors looking to make a profit. If Bitcoin remains steady within this range, it could signal a bullish trend and lead to significant gains. However, if this range is breached, Bitcoin’s value may decrease and drop to lower levels, such as $23,000 to $23,500, or even as low as $20,000.
As of now, BTC is trading at $25,848, having experienced a slight 0.64% decline in the past 24 hours, while its market capitalization remains firmly above the $542 billion threshold. However, amid this stability, market analysts express apprehensions, indicating that the Bitcoin price might persist in its downward trajectory without any discernible catalyst.
