According to historical data, September, known as the bearish month for Bitcoin, has begun. BTC, which started this month with a decline, fell to $ 57,000 levels, but experienced a recovery in the last 24 hours and rose above $ 59,000.
As investors fret about another sharp decline in Bitcoin amid the historical downtrend, CryptoQuant analysts predict that BTC will close at $55,000 in September.
CryptoQuant Senior Analyst Julio Moreno stated in his post from the X' account that he simulated the Bitcoin price in September in his price analysis and took into account historical daily returns throughout September.
Moreno stated that based on his simulation, the month-end closing price would be $55,000.
The analyst added that the BTC price could range between $44,000 and $66,000 throughout the month.
“I simulated the Bitcoin price for September.
On average, it will be slightly lower and the month will end at $55,000.
Prices are expected to mostly be between $44,000 and $66,000.
Only daily historical returns for September were considered in these simulations.”
I simulated the price of Bitcoin for September.
On average it would be slightly lower, ending at $55K.Prices would mostly be between $44k and $66K.
These simulations only take into account historical daily returns in the month of September. pic.twitter.com/bskTg3HB61
— Julio Moreno (@jjcmoreno) September 2, 2024
*This is not investment advice.
