Bitcoin Price Analysis: Will BTC Bounce Back After This Shocking Drop?

All eyes are on Bitcoin at this juncture. Recently, many predicted that September would be a great month for Bitcoin and it might see a bullish trend during the month. But, so far, we have seen nothing exciting in the Bitcoin chart. On September 6, it even plummeted to a low of $53,994.12, raising questions about the reliability of the forecasts made regarding the asset’s potential September uptrend. Meanwhile, a recent post made in X by Jelle indicates that we don’t have to completely lose hope about the predicted Bitcoin bullish momentum. Why? Read on!

Will Bitcoin Mirror 2023’s Performance?

In his X post, Jelle observed that Bitcoin experienced price swings near its recent lows. He also pointed out the tendency of the asset to hover around its 200-day moving average level. His observation revealed the prevailing volatility in the Bitcoin market. Interestingly, Jelle noted that the market experienced a similar situation in 2023. He predicted that the next major move in the Bitcoin market might be bullish in nature.

At the start of the month, the BTC price was around $58,982.54. Though on the same day, by the close, it had fallen to around $57,334.58, the next day, buyers pushed the price very close to $60,000, but could not break the mark. Later, the price suffered a fall. In just a couple of days time, it reached a low of $53,994.12, on September 6. In recent days, buyers have been showing more strength. They are slowly pushing the price up. Now the price stands at $54,967. The current price is far below the 200-day moving average of $63,874.59. On no day this month has the price touched this level, The last time the price broke above this line was on August 23, when the price closed at $64,060.04. However, on August 26, the price slipped below the level when the market closed at $62,902.01.

In conclusion, considering Jelle’s arguments, there are chances that the Bitcoin market will meet a bullish momentum soon. But it is premature to reach a conclusion before we see a strong signal in the chart. Unfortunately, the one-day chart of Bitcoin still appears very dull.

Read Also: September’s Key Events Which Will Review Struggling Crypto Market

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