Why Bitcoin Price May Touch $10,000

The crypto market has seen a bearish September historically. Back in 2021, bitcoin’s deviation from expected market trends had sparked hope that it would break the September curse, but alas, it followed it to a T. This is why with the new month already ushered in, there are expectations that the price of BTC will continue to dive and likely reach lower trends as it enters the worst of the bear market.

Analyst: Be Prepared for Impact

Scott Redler is the Chief Strategist of T3 Trading Group and one of the people who have used the September curse to analyze the bitcoin price. Redler postedA bitcoin chart showing the price movement since last year. It also highlights important technical points which have triggered a decline in the asset’s value.

BTC has recently identified the $17.600 as an important level. The $17,600 mark the latest local low. This is after cryptocurrency broke a record and plummeted below its cycle peak. To avoid any further decline, bulls must hold onto $17600.

Redler’s chart shows that if the digital asset fails to hold above this level, then the next support lies around $13,500. Even more fascinating is the fact below $13,500 the nearest support is around $10,200. 

Bitcoin price chart from TradingView.com

BTC prices fail to hold $20,000| Source: BTCUSD on TradingView.com

This will affect the final price of Bitcoin. However, if bulls are able to hold above this level, which ends up serving as a bounce point, then BTC’s next major level lies just above $25,000.

Bitcoin to Suffer this Month

Bitcoin is an asset which has closely followed historic trends. Although it did break out of established trends, bitcoin remained closely related to the rest. One of those was the infamous “September Curse.” For anyone who doesn’t understand what this is, the term was coined because bitcoin’s price has always recorded a decline during this month.

The crypto market was deep into a bull market last year, and the results were no different. Bitcoin started September 2021 with a value of $53,000, and had already lost almost $10,000 by the end. Even with remarkable adoption, including El Salvador’s acceptance of Bitcoin as a digital asset and Cardano’s debuting smart contracts capability, this was not surprising.

This suggests that bitcoin could continue to follow this trend. Bitcoin is showing early signs of decline. The price started at above $20,000 for the month and has fallen below this critical technical level. BTC would likely fall to $16,000 if it behaves the same way in 2021. This would be about 20% less than the previous downtrends. 

Featured image taken from Analytics insight. Chart by TradingView.com

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