While Bitcoin has bored us all for the past few months, we are finally approaching September and are likely to see some exciting price action soon. These are some key points to consider as we head into September:
- Monitor the economic data, especially the Sept. 6 jobs report. If we get a bad jobs report the markets are likely to crash
- BTC has 4 red months during the year of the Bitcoin halving. We have already experienced 3 red months so far (including August). We have 1 red month ahead between Sept – Dec
- During the year of the halving Oct, Nov, and Dec all tend to be green.
- The seasonality has been disrupted by institutional investors joining BTC. I wouldn’t be surprised if institutions start to buy BTC in Sept and we see some upside in Sept
- It is boom or bust for BTC here, there is a risk of crash and risk of a breakout in Sept. I will prepare for both opportunities here.
Bitcoin Trending for a Bearish Monthly Close
We are nearing the end of August, and Bitcoin is starting to break down here. The monthly candle is looking bearish, and I think we drop down to around $52k in September. There is a risk of a shakeout below $52k, but I have $52k as a key level of interest here. BTC didn’t even reach $69k in the last upswing, and hardly stayed above $63k for longer than a few days. All bearish signs as we approach September.
Bitcoin’s historical performance during US election years 👀 price tends to go parabolic headed into the election.
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