Bitcoin is struggling to hold the $60,000 price, but according to several experts, this could be a good opportunity to get in “cheap” in September. Historically, September is a bad month, while Bitcoin often performs well in October.
Experts: koop Bitcoin in september
Michaël van de Poppe, a popular Dutch analyst, is among the group of analysts predicting a bullish reversal for Bitcoin. He believes that a quiet market usually signals that we are in the final stages of a rally.
“A dull market is usually the last phase before the party starts. Apart from the price action on Bitcoin, you need a breakout above $61,000 to get the momentum back in the markets. Otherwise, you can still be in this downtrend for a while,” Van de Poppe said.
What the analysts of Greeks Live notice is that more and more long positions are being opened on Bitfinex for the long term. That is usually also a signal that investors are bullish on Bitcoin for the future.
In addition, September is often just a mediocre month for Bitcoin. While Bitcoin has achieved positive returns in eight of the last nine Octobers, with an average score of +22.9%.
Seasonal trends
Buying long positions for the long term can be attributed to the seasonal trends described above, according to QCP Capital analysts.
Bitcoin tends to do poorly in September, with negative returns, while October is a strong month. Over time, this also has a kind of “self-fulfilling effect”. People expect September to be bad and therefore sell, while the opposite happens for October.
So there doesn’t have to be a good reason for September drops and October increases. But if everyone believes that, then people will automatically act on it and it will happen because of that belief.
In addition, we must not forget that we are in an uncertain period from a macroeconomic perspective. It is very important for Bitcoin in the coming weeks/months that the US economy continues to perform well.
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Source: https://newsbit.nl/experts-adviseren-bitcoin-te-kopen-in-september-maar-waarom/
