Bitcoin Price Prediction For September 2023: Bullish or Bearish? What to Expect

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Data analytics firm Glassnode’s co-founders share insights on Bitcoin’s potential performance in September, offering both optimism and caution. While Bitcoin’s momentum indicator suggests positive momentum, historical trends raise doubts about September’s price trajectory. 

Glassnode’s co-founders Jan Happel and Yann Allemann highlight the importance of Bitcoin’s relative strength index (RSI), which shows bullish signals for September. However, they sound a warning that if Bitcoin’s value falls below $25,500, recovering ground could prove challenging.

September’s Outlook – Expect a Relief Rally, if? 

Glassnode’s analysis draws parallels between August’s performance and a past memory from June 2022. The daily RSI sparks speculation about September’s course. Here questions arise about Bitcoin’s resilience below $25,500 and the challenge of breaking past $26,000. The co-founders offer a cautiously optimistic outlook for September, citing the RSI’s potential for a comeback. Yet, they advise to be careful as surpassing $25,500 and $26,000 might not be straightforward.

Close monitoring of Bitcoin’s chart shows that the RSI hovers just under 30 on a scale of 0 to 100, displaying a possible oversold condition. The co-founders note the current dominance of bears in the Bitcoin market. Moreover, the signs suggest a slowdown in BTC selling, paving the way for a possible relief rally that could revive Bitcoin to the $27,000 mark. 

“Initial signs of system strength emerge but demand lacking for strong longs at $26,000.”

Traders Look for Short-Term Indicators

Looking at Glassnode’s short-term holder MVRV indicator measures the market value of coins compared to their last movement price. Right now it is at 1.12, which indicates an average of 12% profit for short-term holders. But what will be the impact of this on the market? Well, if the ratio surpasses 1.2 ($33,200) and nears 1.4 ($38,700), the risk of market corrections doubles, hinting at added selling pressures beyond $33,000 for Bitcoin speculators. 

While Rekt Capital also said, Bitcoin will undergo a significant pullback in the coming months, leading many to believe the bull market has ended. However, this is just an illusion, as Bitcoin will soon continue its upside journey.

As of writing, Bitcoin trades at $26,059, registering a minor 0.1% decline in the last 24 hours.