Bitcoin started the week with a sharp drop to $115,193 after reaching a peak of $118,000, aligning with Doctor Profit's short-term bearish forecast.
Bitcoin is under pressure at the resistance level of $116,000, which is a crucial point determining the next trend. September is historically a red month for Bitcoin, forecasting strong adjustments.
MAIN CONTENT
Bitcoin is facing strong resistance at $116,000, deciding the short-term trend.
September has a tendency for price declines with an average negative return of 3.77% historically.
A reasonable strategy is to take profits at the peak and buy back after adjustments to accumulate effectively.
Can Bitcoin break the $116,000 threshold?
Expert Doctor Profit considers the $116,000 threshold as a 'wall' preventing Bitcoin from rising. Each time it approaches this area, selling pressure quickly drives prices down. This is an important threshold determining whether Bitcoin will reverse upward or decline sharply.
If Bitcoin surpasses this threshold, the upward momentum could be reinforced and lead to a new price increase cycle. Conversely, if it fails, sellers will dominate and push prices down in the short term. Analysts call this the 'deciding zone' for Bitcoin's next move.
Bitcoin’s resistance at $116,000 acts like a wall that sellers aggressively defend, making this level crucial in the short term.
Doctor Profit, Cryptocurrency Analyst, September 2024
How does the history of September typically exert downward pressure on Bitcoin?
12 years of historical data show that Bitcoin often ends September with losses in 8 instances, corresponding to an average decrease of 3.77%. This reinforces the forecast that September this year will be a period of negative adjustment for the cryptocurrency market.
Doctor Profit describes that the next two weeks Bitcoin will fluctuate within a narrow range of about 8%, which is seen as the 'calm before the storm', signaling a major volatility that could occur afterward. This assessment is built on a foundation of real data and rigorous technical analysis.
What is Doctor Profit's investment strategy for September?
Experts recommend that investors prepare mentally for the adjustment period. The strategy is to sell when Bitcoin hits the upper limit of the trading range and wait to buy back at a lower price after the drop.
Selling now and re-entering the market at lower prices helps to better leverage buying power, allowing for more Bitcoin accumulation with the same capital. This strategy aligns with the predicted volatility situation and reasonable risk management goals.
What macroeconomic events could affect Bitcoin's price?
This week, many important events in the United States could impact the market, including the meeting between Trump and Zelensky, the FOMC meeting minutes, unemployment claims data, and a speech by Fed Chair Jerome Powell.
This information could create momentum causing significant volatility in the cryptocurrency market, impacting the timing and degree of Bitcoin's adjustments. Investors need to closely monitor to promptly adjust strategies when significant fluctuations occur.
Frequently Asked Questions
Can Bitcoin surpass the $116,000 threshold in the short term?
According to experts, this threshold is very strong in terms of selling pressure, making it difficult to break through, but if successful, it will create positive momentum for price increases in the near future.
Why is September often a month of decline for Bitcoin?
12 years of historical data show that September tends to incur losses, with an average of -3.77%, reflecting the traditional adjustment cycle in the cryptocurrency market.
Which investment strategy is suitable for September according to Doctor Profit?
A reasonable strategy is to sell when Bitcoin hits the current peak, waiting to buy back at a lower price to optimize accumulation and minimize risk.
What economic events could affect Bitcoin's price this week?
The Trump-Zelensky meeting, FOMC minutes, unemployment claims, and Jerome Powell's speech could all create significant volatility for the cryptocurrency market.
What price range will Bitcoin fluctuate within the next two weeks?
Doctor Profit predicts that Bitcoin will maintain a narrow trading range of about 8% during this period, preparing for the next volatility.
Source: https://tintucbitcoin.com/chien-luoc-song-sot-thi-truong-tien-so/
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