Originally published on: September 02, 2024
As September kicks off, Bitcoin is facing challenges, with the BTC price showing downside pressure both on a weekly and monthly basis.
**Lack of Bullish Sentiment**
Trading around $57,000, Bitcoin is struggling as traders show minimal interest in the current market conditions. The question looming over investors is whether we will witness another “Rektember.”
**Short-Term Price Targets**
While the mid-$60,000 range remains a short-term target for Bitcoin, the deadline for Bitcoin’s post-halving “reaccumulation range” to conclude is approaching in September.
**Market Analysis and Forecast**
Market experts are closely monitoring the situation as Bitcoin fails to impress during the latest monthly close. Bulls are finding it challenging to overcome the sell-side pressure, with low-timeframe market conditions prevailing.
**Trader Predictions**
Traders are divided in their predictions, with some anticipating a push towards local lows, possibly around $56,000 or $54,000, before a relief bounce for the bulls. However, others remain optimistic, suggesting a potential bounce to $68,000 in the near future.
**Macro Outlook and Volatility**
With US markets closed for Labor Day, traders are awaiting macro-related volatility later in the week, particularly as the Federal Reserve’s interest rate meeting on September 18 approaches. The focus is on US unemployment data, which is expected to drive market movements.
**Bitcoin Market Analysis and Predictions**
While August saw Bitcoin’s price decline by 8.6%, historical data indicates that September is traditionally a challenging month for BTC. However, analysts remain hopeful, pointing to potential post-halving breakouts in line with historical patterns.
**Predictive Models**
Deep learning models are being used to predict Bitcoin’s price movement. The WaveNet model suggests a potential price increase, with a 50% probability of Bitcoin surpassing $65,000 in September.
**Conclusion**
While September historically poses challenges for Bitcoin, the market remains unpredictable. Investors are advised to conduct thorough research and analysis before making any investment decisions. Stay tuned for more updates as the month progresses.
