Bitcoin Set For Further Losses As Data Points To Stormy September Details
According to data from CoinMarketCap, Bitcoin has experienced a turbulent end to August, losing 7.75% of its market value in the final week. This price decline underscores the overall negative performance of the crypto market leader in the last month, with a recorded monthly price decline of 10.64%. Interestingly, amidst this downtrend, the assets historical price data indicates that the bears may retain market control in the coming weeks.
September Popular For Negative Returns, Analyst Says
In an X post on Friday, renowned crypto analyst Ali Martinez has nudged Bitcoin investors to brace up for what could be a tough period in September. Based on historical price data, Martinez notes that Bitcoin commonly records a cumulative negative performance in September as seen in eight of the last 11 years.
Over this period, Bitcoin has experienced an average and median price loss of 4.78% and 5.58% in September, respectively. Therefore, investors could expect the premier cryptocurrency to trade as low as $55,618 to 56,105 in the next four weeks.
Interestingly, this period of potential price loss could serve as an opportunity for massive BTC accumulation. According to Bitcoin monthly returns, the crypto market leader has previously produced significant price gains in Q4, with recording a cumulative positive performance in October of 9 of the last 11 years.
Meanwhile, the month of November may be an investor favorite having recorded net gains of 42.95% (2020) and 53.48% (2017) in the past two bull cycles. Generally, November shows much potential for a significant price increase, with an average price gain of 46.81% since 2013.
However, investors may want to exercise caution in December. While Bitcoin has previously recorded gains as high as 46.92% (2020) in December, there have also been significant losses to the tune of 34.81% (2013). Notably, in this last month of the year, the premier cryptocurrency has shown a dual performance to nearly the same extent, recording an average price gain of 5.45% and a median price loss of 3.59%.
Bitcoin Price Outlook
At the time of writing, Bitcoin trades at $59,218 with a 0.84% decline in the last day. Meanwhile, the assets trading daily volume has recorded a 3.05% gain and is currently valued at $33.38 billion
According to BTCs daily chart, the crypto market leader is undergoing a price consolidation, a breakout from which could result in a rise to the $65,400 price zone. However, data from the relative strength index indicates that Bitcoin is far from its oversold zone and could be set for further losses. In such a case, investors could prepare for a potential fall to around $53,800.
BTC trading at $59,230 on daily chart | Source: BTCUSDT chart on Tradingview.com
Text source: NewsBTC
