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Bitcoin Could Slip In September Before Q4 Rally, Cycle Data Shows
Bitcoin has recently recovered to over $112,000 after a dip to $107,000 last week. Analysts are divided on whether this upward trend will persist through September. Historically, September has been a challenging month for Bitcoin in post-halving years, often seeing declines. This pattern has led some experts to believe the current pullback is normal. Benjamin Cowen suggests Bitcoin tends to test its 20-week simple moving average in September before a fourth-quarter rally. However, others question if the current cycle is deviating from historical norms. This year, Bitcoin experienced a loss in August, unlike previous post-halving years that saw significant gains. Some analysts believe macroeconomic factors are now more influential than historical price action. Despite cautious views, some anticipate that Bitcoin's September low may have already occurred. Cowen maintains that corrections after reaching new highs are typical within the market cycle. He views the recent retreat as a precursor to a strong year-end rally. Most analysts agree that short-term volatility will not impact Bitcoin's long-term positive trajectory.
