Why Bitcoin Price Could Touch $10,000
September has been a historically bearish month for bitcoin and the rest of the crypto market by extension. Back in 2021, bitcoin’s deviation from expected market trends had raised hopes that it would break the September curse, but unfortunately it followed it to a T. This is why with the new month already ushered in, there are expectations that the price of BTC will continue to dive and likely reach lower trends as it enters the worst of the bear market.
Analyst Says Brace For Impact
One of those who has referenced the September curse in his analysis of the price of bitcoin is Scott Redler, chief strategist at T3 Trading Group. Redler posted a bitcoin chart outlining the movement of the digital asset since last year, highlighting key technical points that had triggered a downward trend in price.
An important level charted by BTC of late is $17,600. This represents the new local low after the cryptocurrency had set a new record and plunged below its previous cycle high. Now $17,600 has become the level for bulls to hold to avoid further decline.
Redler’s chart shows that if the digital asset fails to hold above this level, the next support is around $13,500. But even more interesting is the fact that below $13,500, the next possible point is at the dreaded $10,200.
BTC price fails to hold $20,000 | Source: BTCUSD on TradingView.com
The strategist explains that the month will determine where the price of BTC ends up after this. However, if bulls are able to hold above this level, which ends up serving as a bounce point, then BTC’s next major level lies just above $25,000.
Will Bitcoin Suffer This Month?
Bitcoin is an asset that has always followed historical trends closely. Even when it had broken out of established trends back in 2021, it still stayed close to others. One of them was the infamous “September Curse”. For anyone who doesn’t understand what this is, the term was coined because bitcoin’s price has always recorded a decline during this month.
Last year was no different in this regard despite the crypto market being deep in a bull market. Bitcoin had started the month of September 2021 at around $53,000, but had lost more than $10,000 of its value as the month drew to a close. This was despite notable adoption, such as El Salvador officially accepting the cryptocurrency as a digital asset and Cardano finally debuting smart contract capability.
Given this, it is possible that bitcoin will stick with this trend. The digital asset is already showing signs of slowing, starting the month above $20,000 and already falling below this key technical level. If BTC went the way it did in 2021, the price would likely fall to around $16,000, which would be about 20%, in line with previous downtrends.
Featured image from Analytics Insight, chart from TradingView.com
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