Brace for September: Worst Yet to Come for Bitcoin Holders?
• Bitcoin’s historical performance in September has typically been bearish, leading to fear and uncertainty of further drawdowns ahead.
• Trader “Daan Crypto Trades” noted that since 2013, only two out of the last ten Septembers saw gains in price for BTC while the remaining eight suffered losses.
• Some have theorized that the world’s largest asset manager BlackRock may be deliberately driving down prices to acquire coins on the cheap in readiness for a spot Bitcoin ETF going live.
Bitcoin Price Drops Lead to Fear
The tumbling Bitcoin price, which fell to a 10-week low in August, has been a cause for concern within the crypto market. What’s more, price action during the tail end of Q3 has been typically bearish, compounding fears of further drawdowns ahead. This had led to an increase in fearful sentiment within the markets with Crypto Fear & Greed Index sinking to a reading of 37.
Historically Poor Performance During September
Trader “Daan Crypto Trades” told his near 350k followers that the last six consecutive Septembers played host to overall losses for Bitcoin. Analysis of charts showed that since 2013, just two years out of the last ten saw gains in September while the remaining eight suffered monthly losses between -1.76% and -19.01%. On a more positive note, Daan Crypto Trades underlined that October is historically BTC’s best-performing month.
BlackRock Behind Price Weakness?
The application for a spot Bitcoin ETF by BlackRock caused excitement within industry when it was announced back in June but now some are wondering if they are behind recent price drops. YouTuber Crypto Rover suggested that BlackRock could be deliberately driving down prices to acquire coins on the cheap before their ETF goes live.
Bullish October Ahead?
Despite fear and uncertainty dominating narrative around Bitcoin’s future performance this month, there is still hope for some upside come October as history shows this is typically BTC’s best performing month each year..
Conclusion
As we get closer towards September investors must brace themselves as historically this has been an unfavorable time period for bitcoin holders with painful movements looming large on horizon due partly due to Blackrock’s possible involvement driving prices down . However , there is still hope yet with October being seen as historically as a bullish month so let’s see what happens over next couple weeks before then!
