CoinMarketCap says that Bitcoin is likely to lose even more value after its market value dropped 7.75% in August. The price of the most popular cryptocurrency has dropped 10.64% in the past month, which is in line with a larger downward trend in the crypto market.
Based on past records, this trend of going down may continue into September.It could be a “tough” month ahead, crypto expert Ali Martinez told investors on X (formerly Twitter) on Friday. Martinez said that Bitcoin has had bad Septembers in the past, with losses happening eight times in the last eleven years.
Bitcoin’s Value May Drop
Bitcoin’s value could drop to between $55,618 and $56,105 in the next few weeks. This is because the average and median price drops for September were 4.78% and 5.58%, respectively. However, this time of expected decline could be a chance for investors to buy more Bitcoin.
Bitcoin has often risen sharply in the fourth quarter of the year. In fact, October has seen positive results nine times in the last eleven years. Investors have done well in November, with price increases of 42.95% in 2020 and 53.48% in 2017. Since 2013, prices have gone up an average of 46.81% annually.
Even though there was a chance for growth in October and November, BTC has been hard to predict in December. The coin has had big gains and big losses. For example, it went up 46.92% in 2020 and down 34.81% in 2013. December has a small average gain of 5.45%, but it also has a median loss of 3.59%, so buyers should be careful in this month.
