Bitcoin Traders Ignore September Dip, Expect Price to Surprise Bears

September 06, 2024 09:22 PM AEST | By Team Kalkine Media

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Bitcoin Traders Ignore September Dip, Expect Price to Surprise Bears — Image source: shutterstock

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Ed Hindi, chief investment officer at Tyr Capital, has expressed a bullish outlook for Bitcoin's performance in September, suggesting that the cryptocurrency is more likely to end the month above $60,000 rather than below it. Despite historical trends that show September as a generally negative month for Bitcoin, Hindi believes that current macroeconomic conditions, including potential Federal Reserve rate cuts and a robust U.S. economy, could defy traditional expectations.

At the time of this report, {Bitcoin} (BTC) was trading around $56,633, having struggled to maintain a position above $60,000 since August 30, according to CoinMarketCap. The current trading environment suggests that if Bitcoin does return to $60,000, it could lead to significant liquidations of short positions, totaling over $584 million, based on data from CoinGlass.

Crypto trader Daan Crypto Trades also weighed in on the market dynamics for September. Historically, September has been the worst month for Bitcoin, with an average monthly loss of 4.49% over the past 11 years. However, Daan Crypto Trades noted that a -4% average return is relatively modest given Bitcoin's volatility and is not as detrimental as commonly perceived. He emphasized monitoring Bitcoin's price structure for signs of a bullish market trend, including a higher high and higher low, which would indicate stronger buying pressure compared to selling.

In addition, crypto analyst Matthew Hyland stressed the importance of Bitcoin rebounding and establishing a higher high to confirm a sustained uptrend. Following Bitcoin's dip below $58,000 on August 30, Hyland highlighted the need for the cryptocurrency to demonstrate upward momentum to solidify the current bullish trend.

Overall, while historical patterns for September and current market indicators present a cautious view, key figures in the cryptocurrency space are evaluating macroeconomic influences and market structure for potential shifts in Bitcoin's trajectory.

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