How Low Can BTC Price Fall Below $25K Amid September FUD?

Varinder Singh
September 2, 2023
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Why Bitcoin Price Is Falling Suddenly?

Bitcoin price is under pressure after the U.S. Securities and Exchange Commission delayed its decision on Bitcoin ETFs to October. Top analysts and traders including legendary trader Peter Brandt and popular analysts Michael van de Poppe, CredibleCrypto, and Rekt Capital predicted BTC price to continue correction to $24,800 before a possible recovery. However, September’s bear market concerns have once again renewed speculation of further correction.

Bitcoin Falling Below $25000 in September?

August saw an 18% drop in BTC price and the SEC handled the crypto market its first bearish sentiment on the first day of September by delaying its decision on Bitcoin ETFs. September has historically been a weak month for risk assets.

Popular analyst Michael van de Poppe shared that the last time Bitcoin had green September month was in 2016. Since then, Bitcoin has lost between 5-8 percent during the month. It means BTC price can drop to $23-24k.

However, he remains bullish on a massive rally in Q4 and predicts $24,700-25,200 as potential entry points. Also, Bitcoin halving will also become a buy factor.

“If that’s lost, then we’re losing construction and are aiming at deeper, $23-23.5K or even $20K. As we’re approaching a significant year of 2024, it might be your final dip to buy.”

CredibleCrypto noted that the primary reason for Bitcoin price drop is large forced liquidations and not spot holders unloading. He shared that aggregate open interest shows not many traders left to liquidate, hinting at a limited downside.

Typically, after aggregate OI dropped to below 7 billion levels for the last 12 months there was buying. Bitcoin open interests are currently at 7.5 billion from a high of 11 billion before the last major selloff. Thus, there will be limited downside after Bitcoin price falls below $24,800.

Also Read: Bitcoin (BTC) Investors Need to Brace for Brutal September, $20,000 Coming?

BTC Price Failing to Hold Support

The Bitcoin ETFs delay has led many to exit the market amid increasing weakness. The bears still have the overall technical advantage and new lows will produce a bearish downside breakout.

Meanwhile, the US dollar index (DXY) has also jumped above 104 after the PCE inflation and jobs data. It further adds pressure on Bitcoin upside movement.

BTC price currently trades at $25,800, down 1% in the last 24 hours. The 24-hour low and high are $25362 and $26125, respectively. Furthermore, the trading volume has dropped in the last 24hrs, indicating a lack of interest from traders.

Also Read: US SEC Interlocutory Appeal Will Get Rejected, Says XRP Lawyer And Coinbase CLO

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.