September has been a historically bearish month for Bitcoin and other cryptocurrencies. In 2021, Bitcoin’s divergence from expected market trends showed hope that the September curse would be broken. Despite this, the stock market was again frustrated. Therefore, with the start of the new month, the expectations for the price of BTC are down. According to some, it will continue to be shaken and possibly lower trending as we enter the worst of the bear market.
Analysts: Prepare to clash!
One of those who referred to the September curse in his analysis of Bitcoin price was Scott Redler, Chief Strategist of T3 Trading Group. Redler has published a Bitcoin chart that summarizes the coin’s movement since last year, marking key technical points that triggered a bearish trend in its price. The critical level set for BTC recently is $ 17,600. This level represents BTC’s new local low, breaking a new record and breaking below the previous price cycle.
Now, $17,600 is the level the bulls need to hold to prevent further declines. Redler’s chart shows that if the coin fails to hold above this level, support for the next local low will be around $13,500. However, the interesting thing is that if this resistance is broken, the next possible resistance point is around the frightening level of $10,200.
BTC failed to hold around $20,000. Source TradingView.comAfter these levels, the strategist explained where the status of the BTC price could remain as the final price of BTC in the future. If the bulls manage to hold above the 17,600 levels, we will see a bounce. After this bounce, the main level of BTC draws attention to the $25,000 levels.
Will Bitcoin continue to lose this month?
Bitcoin is in a strong correlation with developments in macroeconomics. Even if it fell outside of the forecasted trends in 2021, it remained close to its other trends. One of these trends was the famous “September Curse”. For investors who don’t understand this trend, the term indicates that the price of Bitcoin has been falling during the month. Last year, the crypto market was in a bull market, as we have reported on cryptokoin.com. However, it showed a similar trend.
Bitcoin started at $53,000 in September 2021. However, by the end of the month, it declined to $43,000 levels. This decline came despite El Salvador officially accepting crypto as its currency. It also happened despite Cardano’s launch of smart contract. Considering these developments, it seems possible for Bitcoin to continue its September terror trend. BTC continued the month, starting the month above $20,000 and then falling below the key technical level. According to experts, if BTC goes as it did in 2021, its price will go in line with the previous downtrend. So, it could drop by about 20 percent to $16,000.
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