- Crypto Analyst puts forward some key predictions for BTC.
- BTC had been trading red for most of Septembers in the past years.
- The analyst signals that an ETH merge would be a good indicator for the crypto market hike.
Crypto Analyst Lark Davis shares his thoughts on the price of Bitcoin, specifically as the month of September begins. He said that, as usual, “September is a red month” for Bitcoin because its price starts draining during this month.
From an anecdotal point of view, Davis stressed that Bitcoin has been trading low in seven out of the last nine Septembers. To support this statement, he showed the price percentage list of the coin starting from 2013. It is obvious from the list that BTC was trading red in September 2013, 2014, and during 2017-2021.
Among these, September 2014 showed the most dip range for BTC, that is -19.01%. However, contrary to the red September, the analyst specified that “seven of the last nine Octobers signaled green for BTC.”
Davis also tweeted that in the monthly trading chart, BTC closed nearly at a $2017 range in the last three months. This gives the prediction that the market continues to “survive on a razor edge.”
The last 3 #bitcoin monthly closes have come within dollars of the 2017 ATH.
Market continues to survive on a razor edge. pic.twitter.com/WAHv9BBwpa
— Lark Davis (@TheCryptoLark) September 1, 2022
As shown in the graph referred to by Davis, if BTC goes beyond the $2017 price range, September would definitely be a bad month for the coin, as it retraces its history.
Moreover, the analyst points out that the RSI reading for the coin is currently low and it went worse in the month of June. But, the RSI indicator has not reached the oversold zone (below the 30 range).
Furthermore, his analysis also covered the moving average convergence divergence (MACD) for BTC, which is just below the zero line now. Also, the MACD line in April 2019 was the lowest point for BTC.
Besides, Davis also mentioned the repercussions of the upcoming Ethereum merge. He is bullish that the PoS merge would uplift the global crypto market from the current crypto crash to a quite good uptrend.
At press time, BTC was trading at $19,952, with a dip of 1.4% in the past 24 hours and 8.2% in the past seven days.
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