Attention: If This Happens Bitcoin Could Drop To $10K!

As the Bitcoin price continues to lose momentum, some analysts continue to give their comments. In this article, we will talk about Scott Redler’s prediction. The expert thinks that the Bitcoin price should hold a certain level in order not to drop to $ 10,000. Here are the details…

Scott Redler points to BTC bearish

Scott Redler of T3 Trading Group talked about possible situations if the bulls do not hold $ 17,600. He says that the Bitcoin price could be on its way to drop to $10,000. The largest cryptocurrency is currently trading at $19,804 on the Bitstamp exchange. It struggles to regain its momentum. Redler claims that this September will be very “interesting” due to the large number of opportunities in the cryptocurrency market.

As long as bitcoin price stays below the $20,700 level, bearish pressure will continue to build. As we reported as Kriptokoin.com, Bitcoin performed better in July. But then it became the worst performing asset of August. The cryptocurrency took a hard hit last month after the US Fed dashed traders’ hopes for a more cohesive monetary policy. Recently, Redler predicted that the Ethereum price could drop below $1,000 despite the Merge raise.

Relationship between September and Bitcoin

Many traders believe that Bitcoin will underperform this month. Historically, September has been a terrible month for Bitcoin. The largest cryptocurrency has dropped an average of 6 percent in September since 2013. Bitcoin only managed to stay in the green in 2015 and 2016. In 2014 and 2019, the price of the flagship cryptocurrency fell 19 percent and 13.4 percent. Meanwhile, it is seen that the Fed is on the way to announce further rate hikes. Traders believe the central bank will raise the benchmark rate by another 75 basis points this September to rein in inflation.

The past two weeks have taken a different turn for almost all crypto assets, especially Bitcoin. Crypto market prices saw some positive moves upwards in July. However, most tokens failed to sustain their growth afterwards. In addition to this, there have been other losses in the crypto market recently that have thrown the entire market off balance. A record over $50 billion left the broader market as the cumulative market cap dropped below $1 trillion. It looked like the bears’ downward momentum wasn’t over yet. Currently, BTC is changing hands at $19,731, down 0.5 percent. The overall cryptocurrency market is just over $1 trillion.