As the cryptocurrency market enters a historically turbulent September, the Bitcoin price finds itself at a crossroads. Investors, on the other hand, seek clarity amid uncertainty. Renowned cryptocurrency analyst Rekt Capital offers valuable historical insights, warning of the bearish trends that often characterize this month. Meanwhile, macro expert Lyn Alden offers a long-term vision, suggesting that Bitcoin could hold a more significant share in global wealth portfolios. On the technical side, analyst Bluntz explores the intricacies of Elliott Wave theory. Here are the details…
Initial analysis for bitcoin price from Rekt Capital
In the ever-evolving world of cryptocurrencies, September has traditionally been a tough month for Bitcoin, according to cryptocurrency analyst Rekt Capital. Investors, who have shown a downward trend this month in the past, are watching the market carefully for possible developments. Known for their analysis, Rekt Capital highlighted five key points that could shape Bitcoin’s journey in September:
- Historical decline: Rekt Capital noted negative performance for Bitcoin in eight of the last ten September. The only exceptions were 2015 and 2016, which recorded modest gains of 2% and 6%, respectively.
- Frequent pullbacks: The analyst observed that the most common pullback in September was -7% in 2017, 2020 and 2021, with 2018 approaching this limit with a -5% drop.
- Shallow double-digit dips: Rekt Capital noted that double-digit dips in September, if they happen, will likely be shallow. Such significant pullbacks were only seen in 2019 (-13%) and 2014 (-19%), with the last one being a bear market year. Comparison is made with 2019 and 2015, both considered bottom years.
- Major crash unlikely: Rekt Capital argued that the odds of a major crash in September are low, especially as Bitcoin experienced a significant -16% drop in August. This situation shows that it is not possible to experience serious decreases consecutively in both August and September.
- Estimated retracement range: The analyst predicted that the expected retracement will likely be in the -7% to -13% range, turning into a price drop from current levels of $22,500 to around $24,000.
Lyn Alden: BTC becomes important in the global market
Macro expert Lyn Alden offered an intriguing perspective on Bitcoin’s long-term role in the global financial landscape. Alden believes that Bitcoin is poised to become a more important component of global wealth. Alden argues that individuals may increasingly seek to dedicate a higher percentage of their liquid net worth to Bitcoin and envision Bitcoin as a “self-entrusted, globally portable” crypto asset. If this change happens, it could lead to significant increases in Bitcoin’s market value. Alden also underlined the growing importance of Bitcoin in the context of monetary, liquidity and network effects, which continue to exceed the monetary bases of various countries.
Bluntz shared his technical analysis
On a different note, pseudonymous analyst Bluntz offered a technical analysis perspective, using Elliott Wave theory to predict Bitcoin’s future price action. According to Bluntz, Bitcoin recently completed a five-wave rally from $16,000 to $32,000 and is currently in the midst of an ABC correction. If this correction follows the pattern, it could cause Bitcoin to drop to the $23,000 price level. However, Bluntz remains optimistic about Bitcoin’s long-term prospects and predicts that once the ABC correction is complete, Bitcoin will continue to rise, potentially reaching and surpassing previous highs of $32,000.
In summary, Bitcoin investors and enthusiasts are presented with a wide variety of perspectives for September. While historical data points to potential challenges, analysts such as Lyn Alden and Bluntz offer the opposite view, arguing that Bitcoin’s future may hold both short-term corrections and long-term growth opportunities. As always, the cryptocurrency market remains highly dynamic and subject to rapid changes. This requires investors to be informed and adapt to the developing market conditions.
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