On September 7, 2024, Bitcoin and other major cryptocurrencies experienced a significant price drop and continue to fall. Amid this market downturn, a crypto expert recently shared a post on X (formerly Twitter) highlighting that market corrections often occur in September before prices soar in October.
In a post on X, the expert noted: “There is no good October without a bad September.”
Best Time to Buy Bitcoin, Report
CoinGlass’s monthly Bitcoin returns show that September is a bearish month, where BTC has experienced a massive price drop or correction before a significant price surge in October. Over the past five years, September has been bearish for Bitcoin four times, while October has seen a price surge with 100% success.
Based on historical price momentum, there is a high probability that the BTC price could bounce back and soar to $67,000. However, if BTC fails to hold this level, it could fall to $47,500 or even lower.
Mixed sentiment across online indicators
In addition to this technical analysis, the BTC Long/Short Ratio by CoinGlass is a sentiment indicator that highlights traders’ views and market sentiment. Currently, this ratio is around 0.965, indicating bearish sentiment. In addition, the data also shows that nearly 51% of leading traders are short, while 49% are long.
However, on Binance, 78.05% of top traders are currently holding long positions, while only 21.95% are holding short positions. This suggests that traders on Binance are viewing the current market sentiment as a buying opportunity and are potentially adding to their position for the next month.
Current Price Momentum
At press time, BTC is trading around $53,500 and has lost more than 4.5% in the last 24 hours. Meanwhile, trading volume has increased by 50% over the same period, indicating more active traders amid the recent price crash.
