Crypto Updates

Bitcoin Price Prediction For September 2023: What To Expect

Bitcoin bearish monthly close

After a short-lived rally above $28,000 this week following Grayscale’s landmark court case victory against the US Securities and Exchange Commission (SEC) over the conversion of GBTC into a spot ETF, the price of BTC has once again settled around the $26,000 mark. This comes after yesterdays’ SEC’s decision to postpone all Bitcoin spot ETF decisions for 45 days.

Renowned crypto analyst, Rekt Capital, has weighed in on the situation with a series of tweets that provide insight into Bitcoin’s potential trajectory for the upcoming month. As the analyst remarks, Bitcoin has registered a bearish monthly candle close for the month of August due to yesterdays’ price plunge.

Bitcoin Price Prediction For September 2023

In a series of tweets, Rekt Capital explained, “BTC closed below ~$27,150, confirming it as lost support. It’s possible BTC could rebound into ~$27,150, maybe even upside wick beyond it this September. But that would likely be a relief rally to confirm ~$27,150 as new resistance before dropping into the $23,000 region.

Bitcoin bearish monthly close | Source: Twitter @rektcapital

Historically, September has not been particularly kind to Bitcoin, with the month recording the least number of positive-returning months at just two, and currently being on a 6-year negative-returning streak.

Rekt Capital delves deeper into this trend, stating, “A frequently recurring downside amount for BTC in the month September is -7%. If BTC were to drop -7% from current price levels this month, price would retrace to ~$24,000.”

However, according to the analysis by the analyst, the next major monthly level is sitting at ~$23,400. This suggests that price maybe does not stop at -7% if BTC can’t gain new momentum. Instead, BTC could potentially downside wick -10% in total to reach that next major monthly level.

The analyst further elaborated on the historical performance of Bitcoin in September, noting, “September – positive or negative month? Typically, we tend to see a negative month for BTC in September. However, for the most part BTC sees single-digit drawdown in Septembers. 8 out of 10 of the past Septembers have experienced downside. Only 2 months saw small, single-digit gains in the month of September (+2% in 2015 and +6% in 2016).”

Bitcoin monthly returns
Bitcoin monthly returns | Source: Twitter @rektcapital

Worst Case Scenario

Drawing parallels with previous years, Rekt Capital highlighted that the most recurring drawdown in…

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