{"id":2443,"date":"2024-08-31T06:00:58","date_gmt":"2024-08-31T06:00:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2443"},"modified":"2024-08-31T06:00:58","modified_gmt":"2024-08-31T06:00:58","slug":"bitcoin-set-for-further-losses-as-data-points-to-stormy-september-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2443","title":{"rendered":"Bitcoin Set For Further Losses As Data Points To Stormy September \u2013 Details"},"content":{"rendered":"

According to data from CoinMarketCap,<\/a> Bitcoin has experienced a turbulent end to August, losing 7.75% of its market value in the final week. This price decline underscores the overall negative performance of the crypto market leader in the last month, with a recorded monthly price decline of 10.64%. Interestingly, amidst this downtrend, the asset\u2019s historical price data indicates that the bears may retain market control in the coming weeks.\n<\/p>\n

September Popular For Negative Returns, Analyst Says<\/strong><\/h2>\n

In an X post<\/a> on Friday, renowned crypto analyst Ali Martinez has nudged Bitcoin investors to brace up for what could be a \u201ctough\u201d 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.\u00a0<\/p>\n

Over this period, Bitcoin has experienced an average and median price loss of 4.78% and 5.58% in September, respectively. Therefore, investors could expect the premier cryptocurrency to trade as low as $55,618 to 56,105 in the next four weeks.\u00a0<\/p>\n

Interestingly, this period of potential price loss could serve as an opportunity for massive BTC accumulation.\u00a0<\/a>According to Bitcoin monthly returns, the crypto market leader has previously produced significant price gains in Q4, with recording a cumulative positive performance in October<\/a> of 9 of the last 11 years.\u00a0<\/p>\n

Meanwhile, the month of November may be an investor favorite having recorded net gains of 42.95% (2020) and 53.48% (2017) in the past two bull cycles. Generally, November shows much potential for a significant price increase, with an average price gain of 46.81% since 2013.<\/p>\n

However, investors may 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, in this last month of the year, the premier cryptocurrency has shown a dual performance to nearly the same extent, recording an average price gain of 5.45% and a median price loss of 3.59%.<\/p>\n

\u00a0<\/p>\n

Bitcoin Price Outlook\u00a0<\/strong><\/h2>\n

At the time of writing, Bitcoin trades at $59,218 with a 0.84% decline in the last day. Meanwhile, the asset\u2019s trading daily volume has recorded a 3.05% gain and is currently valued at $33.38 billion<\/p>\n

According to BTC\u2019s daily chart, the crypto market leader is undergoing a price consolidation, a breakout from which could result in a rise to the $65,400 price zone. However, data from the relative strength index indicates that Bitcoin is far from its oversold zone and could be set for further losses. In such a case, investors could prepare for a potential fall to around $53,800.<\/p>\n\n

BTC trading at $59,230 on daily chart | Source: BTCUSDT chart on Tradingview.com<\/p>","protected":false},"excerpt":{"rendered":"

According to data from CoinMarketCap, Bitcoin has experienced a turbulent end to August, losing 7.75% of its market value in the final week. This price decline underscores the overall negative performance of the crypto market leader in the last month, with a recorded monthly price decline of 10.64%. Interestingly, amidst this downtrend, the asset\u2019s historical […]<\/p>\n","protected":false},"author":0,"featured_media":2444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2443"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2443"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2444"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}