Bitcoin Risks Worst August Since 2015 As Hodlers Prepare For 'Septembear'
Seriously cold-eyed about the outlook for monthly lead times, with September historically being a "red" month.
Market news
BItcoin (BTC) is on track for its worst performance in August since the 2015 bear market - and next month could be even worse.
Data from on-chain analysis resource Coinglass shows BTC/USD hasn't had such a bad August in seven years.
September means average price losses of 5.9% BTCAfter two major BTC price declines in recent weeks, Bitcoin hodlers are understandably fearful, but historically September has seen even worse performance than August.
At $20,000, BTC/USD is down 14% this month, making August the biggest loser since 2015, when the pair posted a red monthly candle of 18.67%.< /p>
The following years proved that August can be mixed when it comes to BTC price performance – in 2017, for example, the largest cryptocurrency gained over 65% in a bullish all-time high.
>One month that has left no one guessing when it comes to likely price direction, however, is September. Already known as a "red" month for Bitcoin, average losses since Coinglass's all-time highs began in 2013 have been nearly 6%.
Historically low month of September
'September'
— Trader_J (@Trader_Jibon) August 26, 2022This time around, macroeconomic instability combines with tradition to provide gloomy projections for analysts.
“The stock market in general is not looking good right now, so this drop in $BTC is a reflection of that,” trader Josh Rager summed up as Bitcoin threatened support at $20,000.
"September in general is not a good month historically. Maybe dive here which ends up being an opportunity for buyers for the following months. I will be a long-term spot buyer on less than $20,000. "
Rager was continuing a debate about the likelihood that bitcoins from the Mt. Gox rehabilitation process would be sold en masse by creditors who were due to receive them after eight...
Seriously cold-eyed about the outlook for monthly lead times, with September historically being a "red" month.
Market news
BItcoin (BTC) is on track for its worst performance in August since the 2015 bear market - and next month could be even worse.
Data from on-chain analysis resource Coinglass shows BTC/USD hasn't had such a bad August in seven years.
September means average price losses of 5.9% BTCAfter two major BTC price declines in recent weeks, Bitcoin hodlers are understandably fearful, but historically September has seen even worse performance than August.
At $20,000, BTC/USD is down 14% this month, making August the biggest loser since 2015, when the pair posted a red monthly candle of 18.67%.< /p>
The following years proved that August can be mixed when it comes to BTC price performance – in 2017, for example, the largest cryptocurrency gained over 65% in a bullish all-time high.
>One month that has left no one guessing when it comes to likely price direction, however, is September. Already known as a "red" month for Bitcoin, average losses since Coinglass's all-time highs began in 2013 have been nearly 6%.
Historically low month of September
'September'
— Trader_J (@Trader_Jibon) August 26, 2022This time around, macroeconomic instability combines with tradition to provide gloomy projections for analysts.
“The stock market in general is not looking good right now, so this drop in $BTC is a reflection of that,” trader Josh Rager summed up as Bitcoin threatened support at $20,000.
"September in general is not a good month historically. Maybe dive here which ends up being an opportunity for buyers for the following months. I will be a long-term spot buyer on less than $20,000. "
Rager was continuing a debate about the likelihood that bitcoins from the Mt. Gox rehabilitation process would be sold en masse by creditors who were due to receive them after eight...
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