September Was Dark For Bitcoin, But There Is Still Opportunity For Growth

Todaysgist, News – Tokocrypto trader Fyqieh Fachrur considers September to be a risky month for Bitcoin. The trend shows that Bitcoin has often experienced a decline since 2013 to 2022.

At that time, the price of Bitcoin could fall between 6-10 percent in one month. However, the pattern changed drastically in September 2023, showing a growth in the value of Bitcoin by 5 percent. Fyqieh examines, the positive trend will occur again in September 2024.

“More and more large companies and institutional investors are interested in BTC as an investment asset, providing support for the price. In addition, innovations in the crypto ecosystem, such as the development of DeFi and technology blockchain “More mature, also encourages bullish sentiment among investors,” said Fyqieh in his statement, Saturday (7/9/2024).

Another external factor that could affect Bitcoin’s price movement is the US Fed’s monetary policy. Speculation about a possible interest rate cut by the Fed is a potential catalyst for Bitcoin’s price increase.

Lower interest rates typically encourage investors to seek higher-risk assets, such as Bitcoin, as a way to seek better returns.

“If interest rates are cut, this could push Bitcoin prices closer to key resistance levels around $65,000,” he said.

However, while there is an opportunity to continue the positive trend, market volatility remains a significant risk.

“Global economic uncertainty, especially related to monetary policy and events such as the recent crypto Ponzi scandal, could put strong selling pressure on Bitcoin. This pressure could push the price back down to lower support levels, possibly towards $55,000 or even $53,000 if market sentiment worsens,” he explained.