Bitcoin Holds Strong Above $26k, What to Expect for BTC Price in September?

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In the last 24 hours, the price of Bitcoin (BTC) has risen by approximately 2 percent, reaching above $26.2k in the early Asian market on Friday. However, despite this modest increase, the overall outlook for the cryptocurrency market remains bearish. Bitcoin’s dominance has continued to decline below the 200-weekly Moving Average (MA), indicating that the altcoin market is gradually gaining momentum. Many crypto analysts anticipate a general correction in the coming weeks, followed by a rebound towards all-time highs (ATH).

According to Michaël van de Poppe, a prominent crypto analyst and influencer based in Amsterdam, historical trends suggest that traders and investors should not anticipate significant price surges for Bitcoin in September. He pointed out that September tends to be a volatile month for Bitcoin in the year following a halving event. Nonetheless, van de Poppe expects Bitcoin to find substantial support around $25.5k, a level that coincides with the 200-weekly Exponential Moving Average (EMA).

From a technical perspective, the analyst drew a comparison between the current crypto correction and the one observed in 2015, which saw a significant influx of retail traders. Moreover, the cryptocurrency market has experienced a surge in institutional investor participation this year, driven by concerns about inflation in fiat currencies affecting global economies.

Currently, crypto investors are closely monitoring the actions of the United States Securities and Exchange Commission (SEC) as the agency receives an increasing number of applications for Bitcoin and Ethereum spot exchange-traded funds (ETFs). Notably, the recent decision involving Grayscale Investments has raised hopes for the approval of a spot Bitcoin ETF in the United States.