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- Despite September’s reputation as a challenging month, factors like low whale selling and rising institutional interest could stabilize or even boost BTC prices.
- While Bitcoin often struggles in September, growing optimism from institutional developments, such as Bitcoin Spot ETFs, suggests that this month could defy the historical trend.
In August 2024, Bitcoin traders took profits totaling $4.251 billion, contributing to the selling pressure on BTC. Despite this, whale transactions valued at $100,000 or more hit their lowest point in nearly four years, indicating that large holders are not offloading their BTC, which could support future gains.
As previously discussed in a CNF update on Bitcoin facing a historic fall in September, a community member, IKTOR, on his X account, posed an intriguing question about whether the community is ready for another challenging event as September 5 approaches.
September 5 is coming soon 🙂
Are you ready for another traumatizing event ? pic.twitter.com/M3dTXL6SPF
— VIKTOR (@thedefivillain) September 1, 2024
Bitcoin’s price is currently undervalued on both 7-day and 30-day timeframes, with its supply on exchanges at its lowest since December 2018. Historically, September has been a challenging month for Bitcoin, often yielding negative returns. However, the introduction of Bitcoin Spot ETFs and rising institutional demand could help BTC sustain above key support at $60,000, potentially pushing it towards $65,000 if the trend continues.
At the time of writing, Bitcoin (BTC) is trading at $58,420.90, up 0.77% in the past day with a decrease of 8.60% in the past week. See BTC price chart below.
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Nevertheless, the BTC price can grow with market optimism. For example, as CNF reported, Donald Trump aims to make the United States the ‘Crypto Capital’ of the World, suggesting that September might not be as bad as expected.
