Bitcoin Price Analysis: Will BTC Bounce Back After This Shocking Drop?

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All eyes are on Bitcoin at this juncture. Recently, many predicted that September would be a great month for Bitcoin and it might see a bullish trend during the month. But, so far, we have seen nothing exciting in the Bitcoin chart. On September 6, it even plummeted to a low of $53,994.12, raising questions about the reliability of the forecasts made regarding the asset’s potential September uptrend. Meanwhile, a recent post made in X by Jelle indicates that we don’t have to completely lose hope about the predicted Bitcoin bullish momentum. Why? Read on! 

Will Bitcoin Mirror 2023’s Performance?

In his X post, Jelle observed that Bitcoin experienced price swings near its recent lows. He also pointed out the tendency of the asset to hover around its 200-day moving average level. His observation revealed the prevailing volatility in the Bitcoin market. Interestingly, Jelle noted that the market experienced a similar situation in 2023. He predicted that the next major move in the Bitcoin market might be bullish in nature. 

Bitcoin Price Analysis: An General Overview 

At the start of the month, the BTC price was around $58,982.54. Though on the same day, by the close, it had fallen to around $57,334.58, the next day, buyers pushed the price very close to $60,000, but could not break the mark. Later, the price suffered a fall. In just a couple of days time, it reached a low of $53,994.12, on September 6. In recent days, buyers have been showing more strength. They are slowly pushing the price up. Now the price stands at $54,967. The current price is far below the 200-day moving average of $63,874.59. On no day this month has the price touched this level, The last time the price broke above this line was on August 23, when the price closed at $64,060.04. However, on August 26, the price slipped below the level when the market closed at $62,902.01.  

In conclusion, considering Jelle’s arguments, there are chances that the Bitcoin market will meet a bullish momentum soon. But it is premature to reach a conclusion before we see a strong signal in the chart. Unfortunately, the one-day chart of Bitcoin still appears very dull.

Read Also: September’s Key Events Which Will Review Struggling Crypto Market