BTC Price: August Sees a 13% Dip in Bitcoin, Is the Worst Yet to Unfold?

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After last week’s Bitcoin hemorrhage, it is safe to assume that the crypto bear-bull rally is behind the picture. Currently retesting a crucial support level around $25.8k, crypto experts believe the Bitcoin bears are catching a break before a continuation of the recent correction.

Moreover, rumors of top crypto investor Binance, likely to suffer insolvency have seen increased fear in the digital asset industry. Reportedly, Binance has been offloading its Bitcoin bag to prop the BNB price which had gained about 1.2 percent in the past 24 hours to trade at around $214 during the early Asian market on Wednesday.

Bitcoin Price Action

According to a Bitcoin analysis conducted by a respected crypto trader, Rekt Capital, the bears are much more likely to continue pushing downwards in the coming weeks till the end of September. The analyst pegged the Bitcoin forecast on historical performance, whereby August and September have proved to be bearish months for the top coin. 

Already, Bitcoin price has dropped approximately 13 percent in August but not outshined the worst in prior years. For instance, Bitcoin prices dropped approximately 17 and 18 percent in 2014 and 2015 respectively. However, it is worth noting that Bitcoin price performed exemplary well in August during bull rally markets.

If history repeats itself, Rekt Capital analyst expects Bitcoin price to drop toward $24.5k in the coming weeks. However, the analyst highlighted that the September dip could be in the single digits.