On September 7, 2024, Bitcoin and different main cryptocurrencies skilled a major worth decline and have been constantly falling. Amid this market downturn, a crypto professional just lately shared a submit on X (previously Twitter) highlighting how market corrections usually happen in September earlier than costs skyrocket in October.
In a submit on X professional famous, “You don’t get a great October with no unhealthy September.”
Greatest Time to Purchase Bitcoin, Report
CoinGlass’s Bitcoin Month-to-month returns present that September is a bearish month the place BTC skilled a large worth drop or correction earlier than a major worth surge in October. Within the final 5 years, September has been bearish for Bitcoin 4 instances, whereas October has seen a worth surge with a 100% success price.
This information signifies that now could be the right time to purchase Bitcoin earlier than October begins. As of now, BTC has misplaced 8.3% of its worth this month.
Bitcoin Technical Evaluation
In accordance with professional technical evaluation, Bitcoin is close to an important help degree of $53,000. Since July 2024, it has reached this degree 4 instances, and every time it has seen vital shopping for stress.
Primarily based on the historic worth momentum, there’s a excessive likelihood that BTC’s worth could rebound and soar to the $67,000 degree. Nevertheless, if BTC fails to carry this degree, it may fall to the $47,500 degree and even decrease.
Combined Sentiment from On-chain Metrics
Apart from this technical evaluation, CoinGlass’s BTC Lengthy/Brief Ratio is a sentiment indicator that highlights dealer views and market sentiment. At the moment, this ratio stands close to 0.965, indicating a bearish sentiment. Moreover, the information additionally reveals that almost 51% of high merchants maintain brief positions, whereas 49% maintain lengthy positions.
On Binance, nonetheless, 78.05% of high merchants are presently holding lengthy positions, whereas solely 21.95% maintain brief positions. This means that merchants on Binance view the present market sentiment as a shopping for alternative and are probably constructing their place for subsequent month.
Present Value Momentum
At press time, BTC is buying and selling close to the $53,500 degree and has skilled a worth drop of over 4.5% within the final 24 hours. In the meantime, its buying and selling quantity has elevated by 50% throughout the identical interval, indicating larger participation from merchants amid the current worth crash.
