The analysis was conducted by Rekt Capital, a premier analyst and renowned trader on Twitter, who thoroughly researched Bitcoin’s historical performance in the month of September. According to Rekt Capital, September has generally been a negative month for Bitcoin.

This observation is backed by data showing that 8 out of the past 10 Septembers have experienced downside. Interestingly, only two months, September 2015 and 2016, bucked this trend, recording small, single-digit gains of +2% and +6%, respectively.

When it comes to the most likely retrace we could expect, the recurring theme appears to be a -7% dip throughout the month. This specific percentage of drawdown was observed in the years 2017, 2020, and 2021. Another close figure was a -5% dip in 2018, which aligns closely with the -7% mark.

As for the possibility of a double-digit drawdown, it’s relatively rare but not unprecedented. Bitcoin saw double-digit retracements only in 2014 and 2019, with declines of -19% and -13%, respectively. However, Rekt Capital advises caution when comparing 2014 to 2023, as the former was a Bear Market year, while 2023 is considered a “Bottoming Out” year, making it more comparable to 2019 or even 2015.

Regarding the potential for another crash in September, the analyst points to 2019 as a reference year. In that year, Bitcoin experienced a -13% retrace in September, but it’s important to note that this followed one of Bitcoin’s worst-ever August drawdowns at -16%.

Given this context, Rekt Capital suggests that it’s unlikely for Bitcoin to experience severe back-to-back drawdowns in both August and September.

In his personal thoughts, Rekt Capital speculates that a drawdown of around -7% to -10% could reasonably occur this September, which would see Bitcoin’s price dropping to approximately $24,000 to $23,000. This analysis offers a comprehensive view of what traders might expect for Bitcoin in the coming month, especially when considering historical trends and current market conditions.

Join us on Twitter and Facebook for the latest insights and discussions in the world of crypto.

Explore our news section and stay ahead of the curve with our expert price predictions.

The post Bitcoin Historically Has a ‘Negative Month’ in September According to Top Analyst – Here’s His Timeline appeared first on CaptainAltcoin.

182 +