Recently, Bitcoin’s value dropped, and it’s having a hard time getting back to the $30,000 mark it passed earlier this year. Despite institutional interest driving an earlier rise, concerns grow due to its unstable performance, making investors cautious.
Notably, investment manager Timothy Peterson predicts a 50% chance of BTC plummeting to $25,000 by September’s end.
Nonetheless, he views this as the final major dip preceding the anticipated bull run, suggesting a hopeful outlook for the cryptocurrency’s future.
Peterson stated in a tweet, “There is a 50% chance that Bitcoin will drop below $25,000 before the end of September. This would be the last big dip before the next big bull run cycle commences.”
Bitcoin’s worst-performing month was September
In the world of cryptocurrencies, September seems to be a month that brings more frowns than smiles to Bitcoin investors. Recent remarks by financial expert Peterson suggest that this September might not be any different, as historical data paints a rather gloomy picture of the crypto giant’s performance during this time.
Taking a look at Bitcoin’s price performance over the past 7 years, one thing stands out: September is far from being a favorite month for the digital currency. A quick glance at the graph below clearly indicates that September has consistently been a lackluster period for Bitcoin in terms of price gains.
The sole exception to this trend was observed in 2016 when Bitcoin managed to defy the odds and record a 6.4% price increase.
However, since 2017, the story has taken a different turn. Year after year, from 2017 to 2022, Bitcoin has consistently found itself in the red during September. The losses during these periods varied between -2.95% and a significant -13.8%, as demonstrated by Peterson’s data analysis.
Interestingly, the tables turned in the subsequent month, October. This seems to be a favorable time for Bitcoin, with the years since 2010 mostly showing positive price movement. With the exception of 2018, which witnessed a 4.5% drop, October has generally been kind to Bitcoin investors.
As we move into November and December, the waters become a bit murkier in terms of Bitcoin’s price performance. These months have shown mixed results, with both gains and losses being observed. Notably, some of the most notable price drops in Bitcoin’s history occurred during November, making it a potentially unpredictable period.
Analysis of the Bitcoin price
Currently, at the time of writing, Bitcoin’s price hovers around $28,989, showing a slight stagnation in the last 24 hours. Over the past week, the cryptocurrency has seen a 1% loss in its value, and the monthly loss stands at 4%.
However, looking at the bigger picture, Bitcoin has still managed to maintain a strong year-to-date gain of approximately 75%.
In a recent analysis, a crypto market expert known as TradingShot highlighted an interesting pattern: the third-ever golden cross for Bitcoin. This pattern historically signals a bullish trend for the cryptocurrency, with the two previous occurrences leading to significant price rallies.
This perspective aligns somewhat with Peterson’s views, suggesting that despite potential short-term hurdles, the long-term outlook for Bitcoin remains promising.