The Bitcoin (BTC) price is teetering on the edge of ending a two-week winning streak, with bears threatening to push it below the $25,000 mark before the end of this month. As Coinpedia has consistently informed its readers, historically, September in the year before a halving event tends to be bearish for Bitcoin and the overall cryptocurrency market.
Yet, history has shown that October in the same pre-halving year often takes on a more bullish hue. Nevertheless, as more participants enter the Bitcoin market, liquidity improves, and this, in turn, is expected to lead to decreased BTC volatility, resulting in dwindling returns.
In the current landscape, extreme gains for cryptocurrency holders seem to be shifting towards the altcoin market, which is currently struggling due to low liquidity.
Also Read: Bitcoin Price Analysis: Analyst Warns of Possible BTC Price Correction Before End of September
Crypto Tony, a prominent digital asset analyst on the X platform, has weighed in on Bitcoin’s price action. He predicts that Bitcoin’s price will likely conclude September with a minor correction following an impulsive move towards $27.4k.
After facing rejection at a key demand/supply level, the Analyst anticipates that Bitcoin’s price will establish substantial support around $25.3k, serving as a bullish foundation for the month of October, often referred to as ‘Uptober.’
On the higher end of the spectrum, Crypto Tony envisions Bitcoin’s price rallying as high as $28.5k before a shift in momentum toward bearish territory. Moreover, in a bear market, the fear of missing out (FOMO) and hype surrounding a particular crypto asset frequently trigger a price decline, prompting short-term investors to react.
A potential Bitcoin price decline could either stimulate an altcoin rally or trigger a broader cryptocurrency sell-off as investors seek refuge in stablecoins in pursuit of more affordable prices.
What do you think about Bitcoin’s price prediction for September and October? Do you agree with Crypto Tony’s analysis?
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