While Bitcoin (BTC) is looking for a branch to rise in September, historically known as the worst month, analysts expect the rise to begin when the Fed makes its first interest rate cut.
At this point, while the rise is expected to accelerate further in October, Singapore-based cryptocurrency company QCP Capital recommended Bitcoin accumulation during the decline in September to benefit most from the rise in October.
Noting that September is generally bearish for most assets, including Bitcoin, while October has historically brought strong gains, analysts said they recommend accumulating Bitcoin during the September decline to avoid missing out on the October rally.
“September is a bearish month not only for cryptocurrencies but for all asset classes.
However, October has the strongest bullish seasonality, with BTC showing positive returns in eight of the last nine years, with an average gain of 22.9%.
If this trend happens again this year, it would be strategic to accumulate Bitcoin during the September drop and take profits in October or towards the end of the year.”
*This is not investment advice.
Continue Reading: Is It Time to Bottom in Bitcoin? Analysts Said Yes, Explained Their Expectations!
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Author: NixCoin
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