Bitcoin (BTC)Price Might Drop Below $23K In September: Keep an Eye on These 2 Key Dates
The global cryptocurrency market cap is currently $1.04 trillion, showing a slight gain of 0.27% since yesterday. However, trading volume has fallen significantly, down 44% to $18.92 billion.
However, the king crypto Bitcoin, saw a notable drop from $28,176 to $25,451, marking a 9.8% loss. Interestingly, demand for Bitcoin seemed to pick up around the $25,500 level, as seen in the daily chart’s lower price rejection candle.
Deutscher Predictions for Bearish September
In September, Bitcoin (BTC) tends to face challenges, historically being a tough month for BTC bulls, and this year might be even more challenging, warns analyst Miles Deutscher. The crypto market, including Bitcoin and major altcoins, is entering a turbulent period marked as the biggest exchange like Binance and Coinbase is under question, SEC interference, and significant token unlocks.
Deutscher analyzed in his X post that “significant supply overhang” in September 2023, worsened by delays in Bitcoin ETF decisions. This could spell trouble for Bitcoin bulls. September typically brings pain to Bitcoin enthusiasts, and this year is no exception.
Despite the bear market, traders should brace for the release of Bitcoin and various altcoins released from the now-defunct FTX exchange by U.S. authorities. Additionally, numerous massive token unlocks, such as Apecoin (APE), Aptos (APT), dYdX (DYDX), and Optimism (OP), are scheduled for September.
In a typical market, these “sell walls” on big altcoin pairs wouldn’t be a big deal. But in Q4, when there’s not much trading happening, even small amounts can impact prices a lot. Deutscher believes that reviving market interest, likely through the growth of ETFs, can help solve these issues.
Additionally, the short-lived Bitcoin price surge after Grayscale’s legal win shows the market is bored. Despite the initial hype, Bitcoin quickly fell back to levels from mid-June and couldn’t break the $30,000 barrier.
Will September Reverse its Curse This Year?
Deutscher advises Bitcoin enthusiasts to keep a close eye on two macroeconomic triggers: the September 13 Consumer Price Index (CPI) release and the September 20 Federal Open Market Committee (FOMC) meeting. Both these events can impact Bitcoin and major altcoins’ prices.
Adding more ripple in the market, Deutscher foresees interest from buyers looking to accumulate Bitcoin at levels around $25,000 and $23,000, he remains cautious and acknowledges the possibility of even lower prices. At the time of writing, Bitcoin is trading at approximately $25,833 on major exchanges.