As September begins in the realm of cryptocurrencies, Rekt Capital, a notable crypto analyst, has issued a warning on his Twitter post. Given September’s historical performance that may be somewhat favorable, it presents challenges for Bitcoin. According to Rekt Capital’s Twitter update, traders should exercise caution and carefully assess five key factors as they navigate this potentially uncertain month.
Historically, September has cast a bearish shadow over Bitcoin, with 8 out of 10 previous September characterized by a downturn. Despite occasional small single-digit gains, it’s crucial to recognize the prevailing bearish pattern. Bitcoin’s performance in this month has typically yielded meager positive returns, with only +2% in 2015 and +6% in 2016, making September a consistently lackluster period for the leading cryptocurrency.
Bitcoin has shown a consistent trend in September, with a recurring decline of around 7%. This retracement of 7% has been observed multiple times this month over the years, including significant instances in 2017, 2020, and 2021. 2018, there was a slight deviation with a 5% dip close to the familiar 7% mark.
Looking ahead to September 2023, it’s crucial to contextualize potential drawdowns. In 2019, Bitcoin experienced a severe 13% retrace, but it’s worth noting that a significant August drawdown did not precede 2019.
August 2023, however, saw a substantial 16% decline, making it less likely for Bitcoin to undergo another significant setback in September. Thus, while caution is warranted, a massive crash in September 2023 seems improbable, with retracement more likely in the range of 7% to 13%. Considering these valuable insights from Rekt Capital, traders and investors could enter September equipped with a knowledge-driven strategy, ready to embrace both obstacles and prospects.
In a recent tweet, a prominent figure in the crypto industry, PositiveCrypto, emphasized the necessity of examining Bitcoin through multiple data sets, highlighting the current lack of a unified platform to integrate these diverse sources of information seamlessly. Recognizing this gap, PositiveCrypto has unveiled its “complete picture” solution, offering a one-stop hub for a more informed and intelligent approach to Bitcoin analysis.
Additionally, Negentropic, one of Glassnode’s co-founders, offers a mid-term perspective on Bitcoin, highlighting a promising risk-to-reward profile. Nonetheless, the near-term outlook remains uncertain, with an anticipated trading range spanning from $25.8k to $26.8k. BTC is trading at $25,752, with a slight increase of 0.01% over the past 24 hours. Traders and investors would closely monitor these indicators as September’s volatility unfolds.
