The declines in Bitcoin have not ended and the expected rise has not come. While investors were expecting BTC to rise with the Fed interest rate cut in September, Singapore-based cryptocurrency company QCP Capital expects a little more decline in September.
Citing historical data, QCP Capital analysts predicted that Bitcoin would fall to $55,000 levels in September, a generally bearish month, before finding support around $54,000.
” Bitcoin closed August down 8.6%. We started August with the BOJ crash and BTC never rose above $65,000 this month. After August, which was full of sharp declines, September, historically known as a bearish month, began.
“So what should we expect in September? Historically, Bitcoin has had a down month in September. If we see the same this year, Bitcoin could fall to around $55,000 but could find strong support at $54,000.”
Analysts stated that US unemployment claims and non-farm payrolls data will be important for Bitcoin this week, and said that they expect the impact of these data on BTC and crypto prices to be minimal, and added, “We do not expect any major increases after these data, especially due to the decreasing impact of macro data on crypto prices in the last few weeks.”
QCP analysts recently noted that option traders are increasingly turning to long-term call options on Bitcoin and Ethereum, adding that “this is an indication that bullish expectations continue in the medium term.”
*This is not investment advice.