September is a disaster for Bitcoin price, but experts say there is hope

Many crypto investors and analysts have little confidence in Bitcoin (BTC) for the coming month. September is known in the archives as Bitcoin’s worst month of the year. The founders of on-chain analysis firm Glassnode, however, are not following the herd and think that Bitcoin is actually heading for a green month.

Can BTC Break the September Curse?

Earlier this week, you could read about the infamous month of September in the Bitcoin news. Since 2013, the Bitcoin price has dropped by an average of more than 4% in September. Only three out of eleven times Bitcoin managed to end in the green, although with modest percentages. September is also known as a weak month for the traditional stock markets.

Glassnode founders Jan Happel and Yann Allemaal, who co-run an X account called “Negentropic,” are among the few who believe Bitcoin can break “the September curse.”

They refer to George Soros’ theory of reflexivity, which states that markets are strongly influenced by people’s perceptions and actions. In other words, a kind of self-fulfilling prophecy; people often act on their expectations, which brings about the expected event.

In this case, the negative sentiment around September could cause investors to sell their positions in anticipation. As a result, most of the pain could be behind us, which would create room for a green month.

“If everyone expects it, it is less likely to happen,” write the founders of Glassnode.

Bitcoin’s Rough Start to the Month

Happel and Alleman shared in their X-post their expectation that September would get off to a slow start but would eventually recover due to several unspecified catalysts.

So far, this prediction seems to be accurate, as Bitcoin is currently trading about 3% lower than this month’s opening price. September started with a price around $59,000, while Bitcoin is now trading at just over $57,000.

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