On September 7, 2024, Bitcoin and different main cryptocurrencies skilled a big worth decline and have been repeatedly falling. Amid this market downturn, a crypto knowledgeable lately shared a publish on X (previously Twitter) highlighting how market corrections typically happen in September earlier than costs skyrocket in October.
In a publish on X knowledgeable famous, “You don’t get October and not using a dangerous 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 an enormous worth drop or correction earlier than a big worth surge in October. Within the final 5 years, September has been bearish for Bitcoin 4 occasions, whereas October has seen a worth surge with a 100% success price.
This knowledge signifies that now’s the proper 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 keeping with knowledgeable technical evaluation, Bitcoin is close to an important assist degree of $53,000. Since July 2024, it has reached this degree 4 occasions, and every time it has seen vital shopping for strain.
Primarily based on the historic worth momentum, there’s a excessive probability that BTC’s worth might 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.
Blended Sentiment from On-chain Metrics
Moreover this technical evaluation, CoinGlass’s BTC Lengthy/Brief Ratio is a sentiment indicator that highlights dealer views and market sentiment. At present, this ratio stands close to 0.965, indicating a bearish sentiment. Moreover, the info additionally reveals that almost 51% of high merchants maintain brief positions, whereas 49% maintain lengthy positions.
On Binance, nevertheless, 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 doubtlessly constructing their place for subsequent month.
Present Worth 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 increased participation from merchants amid the current worth crash.