Popular crypto analysts Benjamin Cowen and Miles Deutscher shared their concerns about the September performance of Bitcoin price. According to historical data, BTC has fallen around 7% in most Septembers.
Benjamin Cowen reveals concerns about Bitcoin price’s September performance
Famous crypto analyst Benjamin Cowen made some worrying predictions about Bitcoin’s performance in September in a new video. Cowen, known for his data-driven approach, shared that Bitcoin has historically dropped around 7% in September.
Cowen acknowledged that September has traditionally been a tough time for Bitcoin. He noted that this month is generally characterized by negative price movements. However, he emphasized that based on historical trends, not every September may end negatively and may show positive performance at times.
The analyst noted that Bitcoin experienced six consecutive red Septembers from 2017 to 2022. Historically, Bitcoin’s average return in September has been approximately -6.6% and the standard deviation is high, making BTC’s performance unpredictable.
Miles Deutscher has similar ideas
Another crypto analyst, Miles Deutscher, says that the low BTC performance of September also directly affected the altcoin sector. Deutscher also mentioned that spot Bitcoin ETF applications, which the SEC is in the decision-making process, will also have an impact on prices. He listed the following examples of other developments that will have an impact on the market:
- We clearly have a significant oversupply ahead of us in Q4 (especially regarding BTC).
- The US Government’s stance on Bitcoins obtained in the Silk Road case
- Mt. Gox’s Bitcoin refunds
- FTX~$500 million large capital limits
- Many altcoins supply curves like DYDX, APT etc. reaches its midpoint.
https://twitter.com/milesdeutscher/status/1697684725152747906
Continuing his analysis, Deutscher shares two dates that Bitcoin investors should follow in September:
- September 13: CPI
- This CPI is particularly important because as the last reading we had our first rise in 12 months. The market’s eye will be on whether the recent increase in inflation is permanent or whether it was just an outlier last month.
- September 20: FOMC
- This will be the first FOMC since the last increase in the CPI. We also recently had PCE data holding steady at 3.3%. The Fed’s job (by its own criteria) is not done yet. The market currently expects a pause in interest rate hikes (93% probability). However, as always, what the market will examine will be Jerome’s statements + perspective.
What is the price of Bitcoin?
At the time of writing, BTC is trading towards the $25,911.25 region, where it is up 0.80% over the last 24 hours. As Kriptokoin.com, we have included the technical levels that will be critical in the short term in this article.
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