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Historically, September is a bearish month for Bitcoin and the rest of the crypto market. Back in 2021, Bitcoin’s divergence from expected market trends raised hopes that it would break the September curse. Unfortunately, that didn’t work…
Analysts say prepare for the impact
One of those who referred to the September curse in their Bitcoin price analysis is Scott Redler, chief strategist at T3 Trading Group. Redler has released a bitcoin chart. It shows the digital asset’s performance from the past year and highlights some key technical points that have driven a downward trend in price.
One such critical point that BTC has recently marked is the $17,600 mark. This represents the new local bottom after the cryptocurrency set a new record and plunged below the previous cycle high. Now $17,600 is the level the bulls need to hold to avoid another decline.
Redler’s chart shows that if the digital asset fails to hold above that level, the next support lies at $13,500. Even more interesting is that the next point could be below $13,500 rather than the alarming $10,200.
The strategist explains: The month will determine when BTC price ends next. However, if the bulls are able to hold above this level, which ends up serving as a rebound point, then the next key level is BTC just above $25,000.
Will Bitcoin Suffer This Month?
Bitcoin is an asset that has always closely followed historical trends. Even as he broke out of some trends in 2021, he was still close to others. One of those trends was the “curse of September”. For those who don’t know what that is, the term has been retained because the price of bitcoin has almost always seen a sharp drop this month.
Last year was no different in this regard, despite the fact that the crypto market is in the middle of a bull market. Bitcoin started September 2021 at around $53,000 but lost more than $10,000 by the end of the month. This came despite significant acceptance, such as El Salvador’s official recognition of cryptocurrency as a digital asset.
Because of this, Bitcoin is likely to follow this trend. BTC is already showing signs of decline as it starts the month above $20,000 and has already broken below this key technical level. If the price of BTC develops as it did in 2021, it will probably fall to around $16,000. This is consistent with previous downward trends of around 20%.
Text credit: Newsbtc
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