Cryptocurrencies were largely down on Friday, September 1 as major caps slid amid a surprising decline likely fueled by latest delays for spot Bitcoin ETFs.
Analysts say the crypto market could be in for yet another rough September. According to crypto analyst Will Clemente, historical data shows crypto is on a six-year streak of negative returns during this month. Overall, no other month has had as few green monthly candles as September has for Bitcoin price.
Bitcoin’s returns broken down by months
Stock-to-flow model creator PlanB points to the fact that Bitcoin has to shake off “all tourists and weak hands before take-off.”
While the next few weeks will likely be as choppy as anything, analysts are forecasting a return to upside momentum in mid-October. This outlook bears in mind the potential for a SEC decision on the multiple ETF applications it delayed on Thursday.
Bitcoin was trading near $26,000 after testing lows of $25,683, with the price range of $25,600-$26,600 a key zone. Both bulls and bears are eyeing control here and a flip lower is likely if we have a “Sept-repeat”.
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