Even though Bitcoin has had a historically bad “September slump,” traders are still hopeful, and some are expecting a surprise rally above $60,000. Ed Hindi, Chief Investment Officer at Tyr Capital, thinks that Bitcoin will end September above $60,000 rather than below.
He bases this opinion on a number of reasons, including a strong U.S. economy and a possible rate cut by the Federal Reserve. “Historically, September has been a bad month for Bitcoin, but a mix of good macro conditions could surprise the bears,” Hindi told Cointelegraph, saying that BTC would likely end the day above $60,000.
Bitcoin Struggles Below $60K
CoinMarketCap says that Bitcoin has not been able to trade above $60,000 since August 30.
It is currently worth $56,633. Futures buyers are still cautious about the market and don’t think it will soon go back to $60,000. CoinGlass says that this would, however, wipe out short contracts worth more than $584 million.
Even though people are worried about September’s past performance—Bitcoin has lost an average of 4.49% over the last 11 years—trader Daan Crypto Trades says that this drop isn’t as bad as many people think it is because the asset is so volatile. His words were followed by the phrase “higher high and higher low,” which means that he is looking for signs of strength in the market from buyers.
Daan said that BTC needs to go above $65,000 to show that the market is stable. The crypto analyst Matthew Hyland agreed with this point of view. He said that the current uptrend, which began in August when BTC went below $58,000, needed a higher high to be confirmed.
