Analyst Predicts Bitcoin Price to Fall Below $100,000 in September
Bitcoin reached a new all-time high above $24,000 but has since declined. Analyst Doctor Profit predicts Bitcoin will fall below $100,000, indicating further price drops are expected.
September Will Be Bearish For Bitcoin
- Doctor Profit states the price correction is ongoing and will extend into September.
- He anticipates Bitcoin breaking below a critical support level of $100,000.
- This would mark the first decline below this level since June, where it has remained for two months.
- Despite the prediction, he believes the bull market is not over; the drop is seen as a temporary correction before continuation.
Historical Data Supports Bearish Month
- Historical data indicates September is typically a poor month for Bitcoin, with 9 of the last 14 years ending in negative returns.
- The average return for BTC in September over the past 14 years is -5.58%, with a median return of -4.43%.
- This trend suggests a likelihood of another price drop in September.
