Bitcoin Slumps by 10% in August – TradingView News Reveals Market Predictions for September
Bitcoin’s value has declined by 7% in the last month, and market analysts are suggesting there may be continued downtrends through September.
Recent Trends: Notable cryptocurrency trader Jelle has observed a roughly 10% decrease in Bitcoin’s price this August, continuing a pattern seen in the past couple of years. He forecasts a potentially challenging September, where Bitcoin could face an additional 5% loss in value.
Approaching mid-August, #Bitcoin exhibits a near 10% downturn — consistent with the trend from recent years.
September often brings further challenges, with average losses around ±5%.
Contrastingly, Q4 generally promises significant gains seasonally.
Hold steady until then. pic.twitter.com/Lhyth3ihwh
In another update, Jelle mentioned that Bitcoin has overturned a technical signal, resonating with the “sell in May” sentiment. He predicts, “The mean has almost reverted back, the slower season is nearly past us. Anticipate an upward move, and soon.”
A trader known as Scalping Pro noted that on the daily chart, Bitcoin demonstrated a ‘bearish cross’ with its 50-day moving average dipping below its 200-day one, pointing to near-term softness. A similar cross occurred only once before, in September 2023, when Bitcoin’s price hovered around the $25,000 mark. The price experienced sideways movement for weeks before a ‘bullish cross,’ which preceded a hefty upturn. He stated, “Should history repeat itself, we might witness some flat price action (PA) for a couple of weeks. A strong indication of bullish momentum would be the MA’s being overtaken again, followed by an emphatic bullish cross.”
www.benzinga.com/events/digital-assets
Also See:
Arthur Hayes Foresees Bitcoin Reaching $100,000 Owing to US Treasury Activities
The Bitcoin Archive disclosed that two leading banks in the US are reported to have a combined total exceeding $600 million worth of BTC, with Goldman Sachs holding approximately $418 million and Morgan Stanley around $187 million. Further, Morgan Stanley has deployed 15,000 wealth advisors to start offering Bitcoin ETFs to their clientele.
Cryptocurrency authority Quinten Francois highlighted that the Norwegian Sovereign Wealth Fund expanded its indirect Bitcoin holdings to 2,446 BTC as of June 2024, an increase from 1,507 BTC in the previous year.
IntoTheBlock metrics revealed a 3% rise in large-scale transaction volume coupled with a 355.8% surge in exchange netflows.
Looking Forward: The expanding role of Bitcoin as an institutional asset class will be a prime subject of discussion at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Further Reading:
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Bitcoin Long-term Investors Are Accumulating, Say Analysts
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