- BTC price fluctuates between $25,000 and $28,000, sparking market uncertainty.
- September is historically bearish for crypto but can also set up more significant price movements.
- Bitboy analyst believes the Bitcoin bottom might already be in.
Bitcoin is down around $25k after briefly crossing $28,000 during the week. The brief spike in Bitcoin came amid a pivotal court judgment. However, the ensuing rally was short-lived. Now that a new month is here, analysts are speculating what could be in stock for crypto market participants.
In a recent analysis, the Bitboy YouTube channel examined the historical trend of bearish September in the crypto market. The presenter noted that September has been historically bearish, with the past six September all experiencing bearish trends.
Meanwhile, Bitboy emphasized looking beyond the surface and considering the bigger picture. He pointed out that in previous years, September often acted as a setup for more significant price movements.
For instance, in September 2017, Bitcoin initially fell by 7%. Yet, according to the presenter, it ultimately led to a 587% percent pump 94 days later. Similarly, in 2018, he noted that while the month only saw a five percent decrease, the following months witnessed a more substantial decline.
Bitboy urged viewers to consider the broader context and not be deceived by the apparent bearishness of September. He mentioned that even in bullish years like 2020 and 2021, September had challenges but ultimately played a crucial role in setting the stage for higher prices.
Considering the current situation, Bitboy highlighted a critical support-resistance level of around $25,200. He expressed concern about the recent rejection from the 200-day moving average and the 50-line on the RSI. This indicates a potentially bearish momentum. He also noted that the price action was in a low-volume node.
While Bitboy did not make a definitive prediction, he suggested that losing the support-resistance line could lead to a temporary downturn. However, he remained optimistic about the long-term prospects. He believes the bottom might already be in, and a higher high could be on the horizon.