Bitcoin May Have Just Escaped The Highly Dreaded September Bearish Storm
The benchmark cryptocurrency Bitcoin has been showing itself to be strong enough to take on the month of September, without falling into the bearish trap that has been recorded the years before at this time. It appears that Bitcoin bulls are ready to continue the second leg of the bull run, without major hindrance from the anticipated bear trend.
As noted in a previous report, Bitcoin tends to underperform during the month of September. Analysts have taken to Twitter to note their observations about the years before, and more than a handful have asserted that September is likely to send Bitcoin below $40,000.
Bitcoin may have successfully suppressed the bulls this September
A week into the new month and Bitcoin has defied all odds to have a smooth run this September. Despite being range-bound around $50k, after attempting a breakout on multiple occasions back in August and September, the bulls finally broke out, and successfully closed above $51,000 for the first time since retesting $50,000. At press time Bitcoin is trading at $51,356 thanks to the 24hr gains sustained.
Bitcoin’s current uptrend is signifying a strong presence of bullish dominance. After recording a strong daily close, bulls have positioned Bitcoin for a possible upsurge to $57,500. Market analysts note the upswing is indeed possible if Bitcoin closes within its current price range.
Additionally, PlanB’s floor price prediction of $43,000 is not a fixed outcome. As the S2F model creator reiterated in a tweet, the prediction is only the worst-case scenario, as the market could see Bitcoin stay higher. Whichever the case is, he reckons that both the S2F model and on-chain indicators are showing no signs of the market nearing the top.
Meanwhile, technical trader and analyst popularly known as “LomahCrypto” has an alternative take, on how the market will close the year. He explains that Bitcoin may pump at the expense of altcoins, which are at this time recording major gains.
“Beginning of the bull run [2020], we saw the mkt pump alongside BTC, where ALTs acted as a higher beta play.I think the latter part of this bull run will feature the kind of opposing price action many of us saw in 2017/2018, where BTC pumps came at the cost of altcoin-price.”
Read more: https://zycrypto.com/bitcoin-may-have-just-escaped-the-highly-dreaded-september-bearish-storm/
Text source: ZyCrypto
