Bitcoin’s Market Breakdown: What to Expect in the Coming Months

Bitcoin has recently dropped from its usual market pattern, sparking concerns about further declines in the near future.

Historically, September has been a tough month for Bitcoin, and with the current downward trend, many are speculating if the price could fall significantly. Analyst Rekt Capital examined past trends and current market dynamics, noting that September has often seen Bitcoin decline by around 7%, consistent with previous years such as 2022 and 2018.

However, given that 2024 is a halving year, such declines might not be as drastic as in non-halving years. Typically, Bitcoin experiences less severe drops during these years.

Looking ahead to October, historically one of Bitcoin’s strongest months, there’s potential for recovery. October often brings substantial gains, with past performances showing an average return of over 20%. In 2020, another halving year, Bitcoin surged by 27% in October. Therefore, a rally of 10% to 30% might be on the horizon, offering hope for a rebound.

Rekt Capital advises monitoring Bitcoin’s behavior around the $55,000 level. If Bitcoin surpasses $57,000, it could signal a stronger upward trend. However, if it revisits the $46,000 level, a deeper pullback of up to 19% might occur, potentially setting the stage for a future rally.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.