BITCOIN - Bitcoin remains stuck below $60,000; pundits call September dip a buying opportunity ahead of potential October rally.
Historical data has named September as the worst month for Bitcoin, but experts believe bullish opportunities will arrive afterward.
Market uncertainty continues to haunt, but whales are ramping up their long positions, signaling confidence in a Bitcoin rebound.
Bitcoin (BTC) is currently hovering below $60,000, starting September on a bearish note. However, some experts say this is a golden opportunity for investors to buy the asset.
Looking at its performance history, September has been Bitcoin's most dismal month. The crypto king has often posted performance that is far below expectations during this period.
Why Experts Recommend Buying Bitcoin in September
Michaël van de Poppe is one of the experts who predicted the potential bullish trend for Bitcoin. According to him, when the market looks stagnant and sluggish, it usually signals the end of the downturn before the arrival of a period of price surge.
In addition, analysts from Greeks Live also noted an opportunity with the annual interest rate on the Bitfinex lending market starting to climb in late September. They also reported a spike in long positions for Bitcoin, a common sign of bullish sentiment. Moreover, crypto whales also participated in strengthening their long positions through block calls.
BTC Movement Data During August
In a recent broadcast on Telegram, researchers from QCP Capital highlighted that September tends to be a bearish month for Bitcoin, crypto, bonds, and gold. However, they also noted that October is usually the most bullish month. So far, Bitcoin has almost always returned positive returns in eight of the last nine Octobers; the average increase is 22.9%.
QCP attributes the recent call buying activity to this seasonal trend. They urge investors to take advantage of the September market dip to scoop up Bitcoin. This maneuver is in preparation for making money in October or later in the year if this pattern does indeed repeat itself in 2024. Their report also highlights key support for Bitcoin at the $54,000 level. This is despite analysts warning that market conditions could worsen before they finally improve. This is especially true in the wake of the ongoing US macroeconomic uncertainty.
This uncertainty further created doubts among investors throughout the month; a series of important US economic events were ready to roll. Interestingly, whales were observed to be undeterred and instead became more active in enlarging their positions.
Lookonchain recently caught a series of large transactions. One whale even withdrew 1,100 BTC from Binance. While another whale bought as much as 1,000 BTC. Most strikingly, a whale was recorded buying Bitcoin worth US$19 million on Tuesday (3/9).
In just 5 days, the whale has managed to accumulate 2,322.37 BTC (worth US$136 million). Now, the whale holds a total of 8,881 Bitcoins, worth US$523 million. According to BeInCrypto data, Bitcoin is currently trading at around US$56,286, meaning it has fallen almost 5% since the market opened on Wednesday (4/9).
Volume $BTC From August to September 2024
Uptodate $BTC September 7, 2024
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