Bitcoin Set For Further Losses As Data Points To Stormy September

Based on data from CoinMarketCap, Bitcoin has experienced a turbulent end to August, losing 7.75% of its market value in the ultimate week. This price decline underscores the general negative performance of the crypto market leader within the last month, with a recorded monthly price decline of 10.64%. Interestingly, amidst this downtrend, the asset’s historical price data indicates that the bears may retain market control in the approaching weeks.

September Popular For Negative Returns, Analyst Says

In an X post on Friday, renowned crypto analyst Ali Martinez has nudged Bitcoin investors to brace up for what may very well be a “tough” period in September. Based on historical price data, Martinez notes that Bitcoin commonly records a cumulative negative performance in September as seen in eight of the last 11 years.

Over this era, Bitcoin has experienced a mean and median price lack of 4.78% and 5.58% in September, respectively. Subsequently, investors could expect the premier cryptocurrency to trade as little as $55,618 to 56,105 in the following 4 weeks.

Interestingly, this era of potential price loss could function a chance for large BTC accumulation. Based on Bitcoin monthly returns, the crypto market leader has previously produced significant price gains in Q4, with recording a cumulative positive performance in October of 9 of the last 11 years.

Meanwhile, the month of November could also be an investor favorite having recorded net gains of 42.95% (2020) and 53.48% (2017) previously two bull cycles. Generally, November shows much potential for a major price increase, with a mean price gain of 46.81% since 2013.

Nonetheless, investors will want to exercise caution in December. While Bitcoin has previously recorded gains as high as 46.92% (2020) in December, there have also been significant losses to the tune of 34.81% (2013). Notably, on this last month of the 12 months, the premier cryptocurrency has shown a dual performance to almost the identical extent, recording a mean price gain of 5.45% and a median price lack of 3.59%.

Bitcoin Price Outlook

On the time of writing, Bitcoin trades at $59,218 with a 0.84% decline within the last day. Meanwhile, the asset’s trading day by day volume has recorded a 3.05% gain and is currently valued at $33.38 billion

Based on BTC’s day by day chart, the crypto market leader is undergoing a price consolidation, a breakout from which could lead to an increase to the $65,400 price zone. Nonetheless, data from the relative strength index indicates that Bitcoin is removed from its oversold zone and may very well be set for further losses. In such a case, investors could prepare for a possible fall to around $53,800.