Leading cryptocurrency Bitcoin (BTC) has left behind its most painful week since November 2022. $BTC has lost more than 10% over the past week, with altcoins like Ripple (XRP) falling more sharply.
While the allegations that Elon Musk’s space company SpaceX is selling crypto money fuel the decline, analysts are trying to make sense of this price movement by examining technical indicators. Famous crypto analyst Benjamin Cowen drew attention to a situation that has been repeated in the past in a post he made on his X account.
It is official.
Just like in every prior cycle, #Bitcoin dropped below its BMSB in Aug/Sep of its pre-halving year, which also coincided to a drop in #SPX (down almost 5% this month).
Many on here try to overcomplicate things, but pre-halving years get both bulls and bears rekt https://t.co/Apxx1twr7f pic.twitter.com/Degj2c8nV1
— Benjamin Cowen (@intocryptoverse) August 21, 2023
In his post, Cowen commented that BTC performed poorly in August-September before each halving period. Therefore, the analyst stated that BTC performance is not very abnormal.
Bitcoin (BTC) Price
The leading cryptocurrency started the new week with a slight sell off. Bitcoin held at $25,420 despite losing the $27,450 and $26,770 supports last week.
Bitcoin (BTC) price chart.$BTC is currently finding buyers at $26,000.
