A closely tracked crypto strategist warns that the incoming month has a track record of being unfriendly to the price of Bitcoin (BTC).
The pseudonymous analyst known in the industry as Rager tells his 206,100 Twitter followers that September is usually not a good month for BTC.
“Equities market in general isn’t looking good right now so this dip on BTC is a reflection on that. September in general isn’t historically a great month.
Possibly dip here that ends up being buyers opportunity for following months. I’ll be a spot buyer for long term on sub-$20,000.”
Looking at Rager’s chart, Bitcoin declines nearly 6% on average in the month of September. At time of writing, BTC is valued at $19,676, down over 1% in the past day.
While the crypto analyst is bearish on Bitcoin in the near term, he believes that BTC is now poised to trade in a wide range between $18,000 and $48,000 for the next year or so.
“BTC is 835 days since the last halving, and this is around the time of the cycle bottom (give or take a couple months before/after).
So far, there’s a case that the Bitcoin bottom is in unless the stock market continues to break down.
So what’s next?… Basically range for a year.”
Based on the analyst’s chart, BTC could trade sideways until April 2024 before launching a new uptrend en route to a fresh all-time high.
As for leading smart contract platform Ethereum, Rager says the hype surrounding ETH‘s highly anticipated update to a proof-of-stake consensus mechanism is already priced in.
“Many talking about The Merge and disbelief about ETH price drop.
People forget that ETH did a 2x 100%+ in only one month.
That price action was The Merge being priced in, in my opinion.
Those who traded it have been taking profits on those who were late, along with equities pulling back.”
At time of writing, ETH is trading at $1,435, down over 4% on the day.
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Featured Image: Shutterstock/Tithi Luadthong