Cryptocurrency analyst Timothy Peterson offered a compelling assessment of Bitcoin's performance on September 8. According to Peterson, historical data suggests that September 8 was one of the worst days for Bitcoin.
The analyst stated, “Bitcoin has an average 53% chance of rising on any given day, with a typical gain of around 0.10%. However, the situation is different on September 8th. That day closed down 72% of the time, with an average loss of 1.30%. This makes September 8th the seventh worst day of the year.”
Peterson also argued that September 8th is a key indicator not only for daily performance but also for the entire month of September. He noted that historical data shows that a positive close on September 8th means there's a 75% chance Bitcoin will close the month higher, while a negative close means there's a 90% chance the month will end lower.
Experts remind investors that these statistics can offer clues in understanding short-term market direction, but they should not be considered investment advice alone.
*This is not investment advice.
