As September begins, Bitcoin enters the month with some notable challenges on the horizon. The cryptocurrency ended August at $58,975, an 8.75% monthly correction that is the lowest in the last six months, said Ash Crypto, an experienced Bitcoin trader. The price forecast for Bitcoin for September is $46000 to $70000, which may indicate potential fluctuations in the future.
Bitcoin’s Historical September Struggles: Will 2024 Follow the Trend?
Notably, Bitcoin was struggling, the U.S. stocks ended August extremely close to their record high levels. From this point, there is a clear conflict in valuations between stock markets and Bitcoin. There could be several analysts who believe that the stock market still may be overvalued and if that is the case, or that Bitcoin may already be undervalued as entering into September.
September is another bearish month in the history of cryptocurrency. Therefore, it cannot be regarded as an ideal option to invest in Bitcoin. Bitcoin has had negative returns six out of the past seven years during this month. The largest negative correction was observed in 2019 with the index declining by 13%. However, last year in 2023, Bitcoin showed a different trend with just a 4% increase in September but this was an exception.
Key Events to Watch: U.S. Election, FOMC Meetings, and CPI Data Impact Bitcoin
Several significant events are expected to occur in the future that can affect the price of Bitcoin in September and beyond. November 5th is the US Presidential election which is another event that can influence both traditional and cryptocurrency markets. Some key variables that will need to be monitored will include the FOMC meetings, monthly CPI and job data reports as well. Investors will also look at the Market Change, particularly M2 money supply, to check if it causes any particular alteration in the market.
Following this Bitcoin journey in September, reported by Ash Crypto, investors will be keenly anticipating such events as they will have an impact on the cryptocurrency market. Looking at history we see that September could be tough for Bitcoin but the results of such events can either deepen the problems or provide a chance for a positive change as the year unfolds.
