Is Bitcoin facing the worst?
Bitcoin (BTC), which closed negatively in August, started September on a downward note. BTC, which fell to $57,000 the day before, increased the tension in the market.
Memecoins have drawn attention in the crypto decline that has taken place in recent days. In the last week, Dogwifhat (WIF) fell by 26.6 percent, while Popcat (POPCAT), listed on Binance, fell by 27.7 percent.
Crypto analysts have suggested that selling pressure may increase further in September.
“The summer was really bad, but thankfully it's over now. The worst month of the year is literally ahead of us.”
Bitcoin may skip September as well.
Crypto analysts state that the cryptocurrency market will go through difficult times in September, and that recovery increases will begin in October and November.
According to historical data, Bitcoin achieved its worst performances of the year in previous Septembers. Analysts who think that history may repeat itself stated that investors should be careful in September.
Crypto analyst Awawat, who said that the BTC price will try to hold on to $60,000 with the pressure environment created by the US presidential elections, said:
“We expect small price fluctuations with the permission of the US Bureau of Labor Statistics and then Fed Chair Powell. Better days are on the horizon, but for now we have to survive.”
Negative expectations for September were interpreted through the performance of the cryptocurrency market in the last week. While the BTC price fell by 10.5 percent in the past week, ETH lost 11.3 percent of its value.
According to historical data, the BTC price increased by an average of 22.9 percent in October and 46.81 percent in November. Investors focused on a long-term bull market accompanied by the Fed interest rate decision and the US presidential elections.
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