While the cryptocurrency market awaits the Ethereum Merge, Bitcoin (BTC) seems to be struggling to gain momentum. Besides that, since 2017, September has proven unfortunate for the crypto space. Because, as we reported as Kriptokoin.com, the markets saw a decline. However, Bitcoin has come under pressure again and again. According to recent research, over the previous five years, the monthly decline in Bitcoin’s value averaged 8.5 percent. In the past few days, BTC has shown minor movements around $ 20 thousand. Investors, on the other hand, began to ask the question of whether a Bitcoin bottom has occurred in the short term.
Analyst warns: Don’t FOMO or panic
The famous cryptocurrency analyst expresses a gloomy outlook for Bitcoin and the cryptocurrency markets. According to the analyst, it is clear that the entire crypto market is struggling with macroeconomic factors. According to analyst Jason Pizzino, trading and investing will be difficult in September due to market “instability”. Also, the analyst noted that investors may get caught in FOMO or sell out of fear and suspicion. Investors will be the party most affected by all these factors in September.
The analyst claims that there will not be any “explosive gains” in the near future due to the ongoing crypto market. Also, Pizzino said he didn’t foresee the possibility of a significant benefit. He also stated that there is no chance for Bitcoin to exceed $40,000 at the moment. However, based on historical data, he predicted that September would not see any significant gains. According to Pizzino, the worst for Bitcoin is over as a bull market will soon return.
The bear is still alive. So while there are some low prices, this is being reversed… I believe Bitcoin may have already experienced its worst. Obviously, the bull is approaching.
Potential bottoms on Bitcoin chart are detected
Looking at the various price patterns, the formation of the next possible market bottom can be analyzed. The delta price pattern shows a potential bottom just under $15,000. Given the recent price action, this could be the closest possible level to the bottom. According to the analyst findings, the price prediction for the model points to a potential bottom around $14,478. Analysts expressed their views on the subject as follows:
Historically, the market bottomed out when the price touched the delta price, as in the bear markets of 2015 and 2018. The delta price indicates that the price could still drop another 28 percent.
It remains to be analyzed whether Bitcoin will fall further in the near future, multiplying its losses. Recently, thanks to a number of negative macroeconomic factors, the cryptocurrency has faced unprecedented external turbulence. BTC is down 0.94 percent in the last 24 hours at $19,703, according to price monitoring platform CoinMarketCap. This is quite low compared to the last $24,887 reached in mid-August.
