Cryptocurrency analyst Rekt Capital shared his outlook for September, which has historically been a bearish month for Bitcoin.
In a series of tweets, Rekt Capital listed five things to keep in mind for Bitcoin investors this month.
First, he noted that September is generally a negative month for Bitcoin, with declines occurring in eight of the last ten Septembers. Only two months, 2015 and 2016, saw small, single-digit gains of 2% and 6%, respectively.
Secondly, he noted that the most common pullback in September was -7%, and this occurred in 2017, 2020 and 2021. He also stated that there was a decrease of -5% in 2018 and that it approached the -7% limit.
He also noted that if there is a double-digit decline, it will likely be shallow, as Bitcoin only saw such pullbacks in 2019 (-13%) and 2014 (-19%), the latter being a bear market year. The analyst compared 2023 to the bottom years of 2019 or 2015.
In his fourth opinion, he argued that a major crash this month was unlikely as Bitcoin saw one of its worst August declines ever at -16%. He suggested that it was unlikely that Bitcoin would experience back-to-back significant declines, both in August and now in September.
Fifth, he predicted that the possible pullback will be between -7% and -13%, which means the price will fall from current levels to between $22,500 and ~$24,000.
Rekt Capital concluded the tweet series by saying that he was not bearish on Bitcoin, but rather realistic.
*This is not investment advice.
