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Rekt

Trader Rekt Capital recently <a href="https://twitter.com/rektcapital/status/1694746116858769707?t=IDJFFBsUlwJcvLojnMjfbA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">posed </a>an intriguing question on Twitter: “Could Bitcoin Crash to $22,000 in September?” To unpack this query, it’s essential to first delve into Bitcoin’s performance in August and examine historical trends. 
<h2 class="wp-block-heading" id="strong-historical-context-august-drawdowns-strong">Historical Context: August Drawdowns</h2> 
The worst drawdowns for Bitcoin (#BTC) in the month of August were recorded as -17% in 2014 and -18% in 2015. Fast forward to August 2023, and Bitcoin is already down by approximately -16%. If the cryptocurrency were to mimic its worst August performance by dropping an additional -18%, we could see Bitcoin’s value plummet to around $24,700. 
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However, the August drawdown might just be the tip of the iceberg. There are two compelling reasons to believe that Bitcoin could face further retracement: 
<ol> 
 <li>Double Top Pattern: Bitcoin is currently forming a technical pattern known as a “Double Top,” which is often a bearish indicator. This pattern typically signals a reversal from an uptrend to a downtrend.</li> 
</ol> 
<ol start="2"> 
 <li>September Drawdowns: Historically, Bitcoin tends to experience single-digit drawdowns in the month of September.</li> 
</ol> 
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If Bitcoin were to retrace an additional -10% in September, following the August drop, the price could potentially fall to approximately $22,200. Intriguingly, this figure aligns almost perfectly with the “Measured Move” target for a Double Top breakdown, which is estimated to be around $22,000. 
While past performance is not indicative of future results, the historical data and current technical patterns suggest that a Bitcoin crash to $22,000 in September is within the realm of possibility. Investors should exercise caution and consider these factors when making their investment decisions. 
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The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/could-bitcoin-crash-to-22000-in-september/">Could Bitcoin Crash to $22,000 In September?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Could Bitcoin Crash to $22,000 In September?

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