Analyst Predicts Bitcoin Crash Below $100,000, | Crypto News
After hitting a new all-time high above $24,000, Bitcoin has been unable to maintain up the momentum and has spiraled back down again. In mild of this, crypto analyst Doctor Profit has predicted that the Bitcoin price is definitely going to fall below $100,000. If this prediction is correct, then it means that this is only the start of the BTC decline, with more crashes anticipated to occur in the close to future.
September Will Be Bearish For Bitcoin
In an X (previously Twitter) post, the crypto analyst factors out that the Bitcoin price crash is way from finished. This is very as the month of August is racing toward an end after the start of the month had been more bullish than not. With the new month already swimming into view, the analyst expects Bitcoin to break below a major psychological degree.
Doctor Profit explains that the Bitcoin price correction is predicted to continue and will bleed into the month of September. What’s more important is the prediction that Bitcoin will ultimately crash below $100,000 in September, suggesting that the month will likely be dominated by bears.
If this occurs, it could be the first time since June that the price has crashed below $100,000. So far, the cryptocurrency has spent two consecutive months above the $100,000 degree, suggesting that this has grow to be a major help degree for the price.
Despite this prediction, the crypto analyst doesn’t consider that the bull market is over. If something, the crash below $100,000 is predicted to only be a momentary correction before the transfer continues. After the crash, Doctor Profit says the bull market will then continue again.
Historical Data Supports Bearish Month
Doctor Profit’s prediction that the month of September will likely be bearish for Bitcoin and see the price crash below $100,000 is supported by historic data exhibiting that the digital asset has normally carried out poorly for the month. Using data from the CryptoRank web site, we will see that 9 out of the last 14 years have seen the Bitcoin price close out the month of September in the purple.
The month is, on average, the worst in phrases of average returns for BTC traders. It reveals an average return of -5.58% over the last 14 years, and a median return of -4.43%. This means that the month of September is established as a bearish month for Bitcoin, and if this pattern holds, then it’s seemingly that the price will crash again.
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