- Crypto analyst says Bitcoin could drop to a lower low of $20,000 in September.
- He said the bulls are showing signs of weakness while the bears are gaining momentum.
- Bitcoin has dropped by 4% in the past 24 hours and has shed all its gains following a brief rally that started on the 29th of August.
After a choppy few weeks for Bitcoin, crypto analyst Ran Neuner has predicted that the leading crypto could hit a lower low of $20,000 this month. In a new YouTube video, Neuner, also known as Crypto Banter, referenced historic price charts, which showed that the BTC often declines in September.
Alongside the overall crypto market, Bitcoin has been weathering a stormy bear market that has seen billions of dollars wiped off the market. That includes price reversals following price surges, as seen after the short-lived Grayscale ETF victory surge this week.
In the video, the analyst said the seasonality only partially accounts for the prolonged bear market. He mentioned that the market slowdown has forced investors to hold onto their money and become weary of crypto price action.
Bitcoin saw a steep decline in August, which took the price to low that briefly broke $25,000 on some exchanges. The market sentiment that precipitated that drop still remains, with the price of BTC since stagnating between $26,000 – $27,000.
The United States’ massive regulatory crackdown on crypto institutions has also worsened the crypto market performance. Likewise, the U.S. Securities and Exchange Commission’s reluctance to approve a spot Bitcoin ETF has also affected the market’s performance. According to Neuner, the ETF rejection is expected to continue until the final deadline in March 2024.
However, aside from the ETF approval, the crypto community also looks to April for revival, with the Bitcoin halving slated to happen within that period. Historically, the Bitcoin halving often stirs a bullish rally in the market.
In the near term, the analyst said that chart analysis shows that Bitcoin’s relief rally has ended, thus predicting lower lows for Bitcoin. He continued that bulls are showing signs of weakness, and the bears are fast gaining momentum. As a result, the price of Bitcoin could drop to a low of $20,899 this month.
Meanwhile, data from CoinMarketCap shows that Bitcoin’s price has declined by 4.6% in the past 24 hours. The token has now shed the gains it made after it surged to $28,000 on August 29. The market cap of the crypto market has likewise dropped by 3.65% in the past 24 hours.