Bitcoin has been a hot topic recently, with many predicting September would be a strong month for the cryptocurrency. Yet, the Bitcoin charts have been underwhelming so far. On September 6, Bitcoin dropped to $53,994.12, raising doubts about the anticipated bullish trend for the month. However, Jelle’s recent post on X suggests there might still be a chance for a Bitcoin rally. Here’s why.
A Look Back at History
Jelle’s post highlights Bitcoin’s recent price swings near its lows and its tendency to hover around the 200-day moving average. This shows the ongoing volatility in the Bitcoin market. He also noted a similar pattern in 2023 and predicted that the next major movement could be bullish.
Looks like Bitcoin really wants to play the same book as in 2023. Lots of chop around the lows, especially towards the 200-day mark. Should start moving higher soon if this plays out similar to 2023’s summer chop. Let’s see 👀
Bitcoin Price Analysis: A General Overview
At the start of the month, Bitcoin was priced around $58,982.54. By the end of that day, it had fallen to about $57,334.58. The following day, buyers pushed the price close to $60,000 but couldn’t break this level, leading to a decline. Within a few days, Bitcoin reached a low of $53,994.12 on September 6.
Recently, buyers have regained strength, pushing the price up to $54,967. Despite this increase, the current price is still far below the 200-day moving average of $63,874.59. The last time Bitcoin closed above this level was on August 23, at $64,060.04, but it fell below it again on August 26, closing at $62,902.01.
Looking Ahead
Considering Jelle’s observations, there could be a bullish trend for Bitcoin soon. However, it’s too early to be certain without a clear signal from the charts. For now, the one-day chart remains lackluster, and the market’s direction is still uncertain.
Read Also: September’s Key Events Which Will Review Struggling Crypto Market
The Bitcoin market remains a rollercoaster ride. Only time will tell if the bulls will win or not.
