Accordingbitcoin/” target=”_blank”> data from CoinMarketCap, bitcoin has had a turbulent end to August, losing 7.75% of its market value over the past week. This price drop underlines the cryptocurrency market leader’s overall negative performance over the past month, with a recorded monthly price drop of 10.64%. Interestingly, amid this bearish trend, the asset’s historical price data indicates that bears may maintain control of the market in the coming weeks.
September is a month with negative returns, according to analyst
In x.com/ali_charts/status/1829564105121812929″ target=”_blank”>a post x On Friday, renowned cryptocurrency analyst Ali Martinez encouraged bitcoin investors to prepare for what could be a “difficult” period in September. Based on historical price data, Martinez notes that bitcoin commonly posts negative cumulative performance in September, as seen in eight of the past 11 years.
During this period, bitcoin has seen an average and median price loss of 4.78% and 5.58% in September, respectively. Therefore, investors could expect the leading cryptocurrency to trade as low as $55,618-$56,105 in the next four weeks.
Interestingly, this period of potential price losses could serve as an opportunity for massive btc accumulation. According to bitcoin’s monthly returns, the cryptocurrency market leader has previously produced significant price gains in the fourth quarter, recording a cumulative positive performance in October in 9 of the past 11 years.
Meanwhile, November may be the month of choice for investors, as it recorded net gains of 42.95% (2020) and 53.48% (2017) over the past two bull cycles. Overall, November shows plenty of potential for significant price gains, with an average price increase of 46.81% since 2013.
However, investors should be careful in December. While bitcoin has recorded gains of up to 46.92% (2020) in December, it has also suffered significant losses in the range of 34.81% (2013). It is worth noting that in this last month of the year, the main cryptocurrency has shown a dual performance to almost the same extent, recording an average price gain of 5.45% and an average price loss of 3.59%.
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bitcoin Price Outlook
At the time of writing, bitcoin is trading at $59,218 down 0.84% over the past day. Meanwhile, the asset’s daily trading volume has seen a gain of 3.05% and is currently valued at $33.38 billion.
According to the daily chart of btc, the cryptocurrency market leader is undergoing a price consolidation, a breakout of which could result in a surge to the $65,400 price zone. However, data from the Relative Strength Index indicates that bitcoin is far from its oversold zone and could be primed for further losses. In such a case, investors could prepare for a possible drop to around $53,800.
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btc is trading at $59,230 on the daily chart | Source: BTCUSDT chart on Tradingview.com
