All eyes are on Bitcoin at this point. Recently, many have been predicting that September will be a great month for Bitcoin, with a bullish trend possibly emerging during the month. But so far, we haven’t seen anything interesting on the Bitcoin chart. It even dropped to a low of $53,994.12 on September 6, raising questions about the reliability of the forecasts regarding the asset’s potential September uptrend. However, a recent post by X user Jelle suggests that we shouldn’t completely lose hope regarding Bitcoin’s predicted bullish momentum. Why? Read on!
Will Bitcoin Repeat 2023 Results?
In his post, X Yelle noted that Bitcoin experienced price fluctuations near its recent lows. He also pointed out the asset’s tendency to fluctuate around its 200-day moving average. His observation highlighted the prevailing volatility in the Bitcoin market. Interestingly, Yelle noted that the market experienced a similar situation in 2023. He predicted that the next major move in the Bitcoin market could be bullish in nature.
At the beginning of the month, the price of BTC was around $58,982.54. Although it fell to $57,334.58 by the close on the same day, the buyers pushed the price very close to $60,000 the next day but could not break through. Later, the price dropped. In just a couple of days, it reached a low of $53,994.12 on September 6. In recent days, the buyers have been showing great strength. They are slowly pushing the price up. The price is now at $54,967. The current price is well below the 200-day moving average of $63,874.59. The price has not touched this level on any day this month. The last time the price broke above this line was on August 23, when the price closed at $64,060.04. However, on August 26, the price fell below the market close at $62,902.01.
In conclusion, given Jelle’s arguments, there is a possibility that the Bitcoin market will soon see a bullish momentum. But it is too early to draw conclusions until we see a strong signal on the chart. Unfortunately, the daily Bitcoin chart still looks very boring.
Read also: Key events in September that will assess the difficulties in the crypto market
