Bitcoin had a major swing in the past few days, when it slipped below the pivot levels multiple times
The analysts still believe the recovery phase of Bitcoin can be strong to take it above the $11000 mark only under some conditions
On the contrary, Bitcoin may experience a negative wave in the current month with almost ‘No Returns’
Bitcoin Needs to Hold Above $10450 to Touch $11000
The world’s largest cryptocurrency witnessed one of the fascinating days. Recently it surpassed $12000 and also slipped below $10000 on the same day. However, as per some reports, the Bitcoin price may jump across $11000 only if it successfully holds above $10450.
As Coinpedia reported earlier that the investors and the Whales are trying hard to pump the digital asset, some good days can be expected in the coming days. However, it is mandatory for the Bitcoin to form a new support level at $10450.
Currently, a single Bitcoin is priced at $10,268 with a gain of 0.90 percent.
Kraken Predicts a Bitcoin Crash in September
One of the popular crypto exchanges Kraken has released its August Voltality report 2020. According to this report, Bitcoin is expected to be impacted negatively by crashing at steep levels.
The report noted,
“Historically, September is Bitcoin’s worst-performing month, with an average return of -7 percent. With Bitcoin underperforming its average monthly returns for most of the year, we could see returns below -7 percent,”
The report also warns that the Bitcoin volatility will be at its peaks very soon. As low knowledge of the market dynamics could play a vital role.
As per the report, the only bullish signal could be the long-run holders who have held Bitcoin for more than 12 months. The matter of fact is the many reports suggest there are more than 2000BTC wallets holding more than 1000 Bitcoins or more than $11 million worth Bitcoin per wallet.
“As of August 31, a record 63 percent of Unspent Transaction Outputs (UTXOs) on the Bitcoin blockchain have not moved in +1 year, indicating that an unprecedented number of long-term holders. Historically, this dynamic has foreshadowed a new bull market,”
In a nutshell, Bitcoin had attained its monthly high of $12,359 within a few days of a Nasdaq-listed Microstrategy announced a $250 million worth Bitcoin purchase. However, Bitcoin lost the grip and declined drastically. Currently, it is believed that Bitcoin can bounce back if it meets a certain level else experience a crash as predicted by Kraken.