Bitcoin Hits Lowest Closing in Six Months as Expert Weighs In on September Outlook
Highlights:
- Bitcoin has hit its lowest closing in six months despite beginning August on an impressive note.
- A renowned market expert does not foresee a positive outlook for the flagship cryptocurrency in September.
- Contrary to Bitcoin, the United States stock market performed impressively in August, concluding the month with price levels around its ATH.
A new month has just begun, and statistics from the previous month are gradually emerging. In a recent tweet, renowned expert Ash Crypto outlined a potential September outlook for Bitcoin (BTC). Aside from projecting BTC’s potential price movements in September, the expert called followers’ attention to the token’s lowest closing in six months.
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Bitcoin’s Price Actions in a Turbulent Month
It is no longer news that August was a turbulent month for the crypto market, evidenced by most digital assets hitting surprisingly low levels. On its part, Bitcoin struggled to maintain levels above $60,000 for most of the previous month.
Despite starting the month around the $64,000 region, BTC declined steadily, eventually dipping below $50,000 on August 5. Meanwhile, at the time of press, Bitcoin is changing hands at approximately $58,140, reflecting a slight 0.2% decline. Its trading volume is up by 74.65% with a $26.36 billion valuation.
The price actions described above were instrumental in Ash Crypto’s assertion that projected BTC’s closing in August was the lowest in six months. While market participants were hopeful about BTC’s appreciation potential in the previous month, the poor conclusion would undoubtedly crush their hopes. However, new months are renowned for always coming with expectations similar to Ash Crypto’s latest analysis.
Bitcoin’s Monthly Close Relative to the U.S. Stocks
Concerning Bitcoin’s lowest closing in six months, Ash Crypto wrote, “Bitcoin closed monthly candle at $58,975 with an 8.75 correction; this is its lowest closing in the last six months.” Interestingly, the market expert compared Bitcoin’s month-ending trend to the United States stocks. According to him, the U.S. stocks reflected the exact opposite of Bitcoin’s market actions. Notedly, they concluded the month trading around their all-time highs (ATHs).
Furthermore, the market expert asserted that the contrast in monthly closing between the U.S. sticks and Bitcoin signifies market-worth conflicts. “Either stocks are overvalued or Bitcoin is undervalued,” Ash Crypto added.
Bitcoin’s September Price Expectations
Highlighting possible price movements for Bitcoin in September, Ash Crypto has confidently claimed that the month is renowned for its bearish trends. Per the market expert, BTC displayed negative returns in September six times in the last seven years. Additionally, the expert revealed that the maximum negative correction of 13% occurred in 2019. Conversely, the maximum positive 4% upswing happened in 2023.
He, however, presented a price range between $46,000- $70,000. Interestingly, the spotlighted prices reflected widespread extremes. Hence, chances abound that BTC’s price could sway in any direction, which would likely be in the negative direction, considering historical trends.
BITCOIN MONTHLY CHART
Range for Sept: $46,000- $70,000.
Bitcoin closed monthly candle at
$58,975 with 8.75 correction. This
is lowest closing in last 6 month.US Stocks closed monthly near ATHs
While Bitcoin closed at 6 month low. This show conflict, Either Stock are… pic.twitter.com/BHpZGCxPo8— Ash Crypto (@Ashcryptoreal) September 1, 2024
Upcoming Events that Would Likely Impact BTC’s Price
Concluding his analysis, Ash Crypto did not fail to mention external factors that would be crucial in dictating BTC’s price. These events include the United States Elections, The Federal Open Market Committee (FOMC) meeting, Consumer Price Index (CPI) data, Job data, and changes in M2 money supply.
Notably, Bitcoin has always attained tremendous price levels post the U.S. elections. A favorable poll outcome later this year will likely trigger a trend replication. Like the U.S. elections, other highlighted events have economic significance, which investors must consider before making informed decisions.
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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