BTC Price Today: Crypto Analyst Michael van de Poppe Warns of September Being Historically Worst For Bitcoin

The post BTC Price Today: Crypto Analyst Michael van de Poppe Warns of September Being Historically Worst For Bitcoin appeared first on Coinpedia Fintech News

Bitcoin enthusiasts might be on edge, especially with prominent crypto analyst Michael van de Poppe raising alarms over the recent market fluctuations. He’s highlighted the rocky terrain Bitcoin seems to be treading, especially with its value dipping below crucial benchmarks.

Bitcoin’s Vulnerable Stance in September

Van de Poppe firmly believes that September historically stands as a challenging month for Bitcoin. He recalled the last green month for the digital currency as far back as 2016 and 2015. Following those years, Bitcoin typically faced losses ranging from 5-8% each September. With such trends, he forecasts the price might plummet further to figures between $23-24k, lurking beneath the 200-week EMA.

Market Indicators and Predictions

This crypto maestro further dissects the recent aggressive price sweep at $25,800. Although it signified a promising entry point for many, van de Poppe was skeptical. He opined that after such a substantial dip, another drop could be imminent. His predictions seemed accurate when the price took another hit, slipping below the critical $25,700 mark and stagnating there. 

With the recent price downturn, many might expect a cascade of short-sellers expecting the bear trend to continue, especially amidst ETF approval delays. Yet, van de Poppe believes this might be the “final dip before we can proceed in up only.” Citing historical patterns, he added that 2015’s last quarter saw a massive upswing. If history repeats itself, the end of this year could mark a remarkable turnaround for Bitcoin, especially with 2024 earmarked as a pivotal year for the cryptocurrency.

Price Points to Watch

According to van de Poppe, the Bitcoin price range of $24,700 to $25,200 is one to monitor closely. Should the currency linger around this bracket, it may signify the end of the lows, heralding a potential bullish surge. However, if this zone is breached, he warns of further dips to regions around $23-23.5k or even as low as $20K.

As usual, insights from experts like Michael van de Poppe offer a valuable lens to gauge future trajectories of crypto markets. For potential investors, the closing months of this year and the dawn of 2024 might present crucial decision-making junctures.