Analyst On Terrible September For Bitcoin: 'Chances For Massive Crash Unlikely' — Here's Why
Portfolio Pulse from Mehab Qureshi
A crypto analyst predicts a challenging September for Bitcoin (BTC), based on historical data showing that 8 out of 10 past Septembers have experienced downside movements. However, the analyst believes that a severe market crash is unlikely. A drawdown of approximately -7% to -10% could occur, potentially leading Bitcoin’s price to drop to the range of $22,500 to around $24,000. At the time of writing, Bitcoin was trading at $25,765.83.
September 06, 2023 | 10:45 am
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Bitcoin may face a challenging September with a potential drawdown of -7% to -10%, but a severe market crash is unlikely.
The prediction of a challenging September for Bitcoin is based on historical data. However, the analyst believes that a severe market crash is unlikely, which could limit the downside risk. The potential drawdown of -7% to -10% could lead to a decrease in Bitcoin's price.
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