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.
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?
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
On Monday, June 8, OpenAI confirmed it has confidentially filed S-1 draft with the SEC…
In the current week, the U.S. House will return to the issue of crypto tax…
Former FTX CEO Sam Bankman-Fried has officially requested a presidential pardon from Donald Trump. With…
More than 200 crypto firms and organizations, including Coinbase and Ripple, signed a letter urging…
Bitcoin treasury firm Strategy will begin paying semi-monthly dividends to STRC shareholders following approval of…
Crypto exchange Coinbase has become the official USDC deployer on the Perp DEX Hyperliquid, a…