Bitcoin Price Estimated to Drop by 12% in Sept – Traders
Bitcoin traders have warned that uncertainty in the movement of Bitcoin price could lead to a 12% drop in the price, citing macro uncertainty, weak market sentiment, and low buying & selling volumes.
Simultaneously, technical indicators also point to a potential decline in the price. At the press time, Bitcoin is trading at $111,592, Ethereum is price $4,368 and XRP $2.86.
Although Bitcoin has gained 1.35% in the last 24 hours, its market capitalisation stands at $2.22 trillion which is below the beginning of the previous month.
Notably, the total crypto market capitalization has dropped to $3.74 trillion, resulting in a three-week low, while Bitcoin opened the week near $110,000. Nevertheless, Solana leads the pack of major altcoins that have surged in price in the last 24 hours.
Historically, September has been the toughest month for Bitcoin, the largest token by market capitalization, as its price struggles to gain an uptrend, which reflects bullish sentiment and price appreciation.
In fact, Bitcoin has recorded a price decline in September in nine of the last 14 years. In September 2017, the Bitcoin price dipped by nearly 8% but later rose above $20,000 in December of that year.
Likewise, in 2019, the token lost almost 14% in September. Also, in September 2020, 2021 and 2022, the price witnessed drawdowns. However, the years 2023 and 2024 defied the price loss tradition.
Moreover, institutional adoption of Bitcoin and ETFs is one of the catalysts that propel the price of Bitcoin into an uptrend. The institutional adoption of Bitcoin recorded a rise as Strategy, Metaplanet, and other giant institutions are adding more Bitcoin to their reserves. Contrarily, the ETFs buying spree goes in the way of Ethereum.
In August, the US$ETH ETFs recorded a total net inflow of $3.87B, while the $BTC ETFs saw a total net outflow of $751.12M.
According to Glassnode, the average Bitcoin supply per whale, those that hold 100-10k $BTC, has been continuously falling since November 2024, now sitting at 488 $BTC per whale, which is the lowest level since December 2018. #Bitcoin Price Estimated to Drop by 12% in Sept – Traders#
