Bitcoin Down 10% In August—Here's What Traders Expect For September

Author: Khyathi Dalal | August 15, 2024 11:52am

Bitcoin (CRYPTO: BTC) is down 7% over the past 30 days, with traders to predicting further downside in September.

What Happened: Crypto trader Jelle noted that Bitcoin is down around 10% this month, in line with its August performance in the past two years. He predicts September to be a rough month that could see Bitcoin drop another 5%.

Halfway through August, #Bitcoin is down roughly 10% — in line with the previous two years.

September tends to be a rough month as well, with price generally losing ±5%.

Q4 is a completely different story though, with major gains on the seasonal menu.

Survive until then. pic.twitter.com/Lhyth3ihwh

— Jelle (@CryptoJelleNL) August 15, 2024

In another tweet, Jelle stated that Bitcoin flipped a technical indicator, confirming the "sell in May" crowd. He predicted, "Mean reversion almost complete, slow season almost behind us. Onwards & upwards, soon."

Trader Scalping Pro noted that Bitcoin printed a bearish cross on the daily chart, with its 50-day moving average falling below the 200-day moving average, indicating short-team weakness. There was only one previous bearish cross in September 2023 when the price was trading around $25,000. Prices went sideways for some weeks before a bullish cross and a strong rally. He added, "If the pattern repeats we might see a few weeks of choppy PA here. The bullish confirmation will be a reclaim of the MA's followed by a nice bullish cross."

Also Read: Arthur Hayes Predicts $100,000 For Bitcoin Due To US Treasury Actions

The Bitcoin Archive reported that two of the biggest banks in the U.S. declared owning more than $600 million BTC. Around $418 million BTC is owned by Goldman Sachs and $187 million by Morgan Stanley. The latter also has 15,000 wealth advisors, who have started to market Bitcoin ETFs to clients.

Crypto industry expert Quinten Francois noted that the Norwegian Sovereign Wealth Fund increased its indirect Bitcoin holdings to 2,446 BTC as of June 2024 compared to 1,507 BTC in 2023.

IntoTheBlock data shows a 3% increase in large transaction volume and a 355.8% spike in exchange netflows.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Bitcoin Long-Term Holders Have Been Accumulating In July, Analysts Report

Image: Shutterstock

Posted In: $BTC