Greed

FOMC

Bitcoin

Million

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/will-bitcoin-btc-price-hit-20k-in-september-heres-what-next/">Will Bitcoin (BTC) Price Hit $20K in September? Here’s What Next</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
This year, Bitcoin hasn’t been without its share of ups and downs and there have been multiple drops. However, according to an analyst, an interesting pattern is emerging. Going back to the 2014-2018 cycle, history shows that during the same week as now, a big price correction occurred, hitting the exact same mark as the 200-week Exponential Moving Average (EMA). Strangely, this time around, the correction has landed Bitcoin right on that 200-week EMA mark again. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Did <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> bottom on this correction or are we expecting $20K? The Million Dollar question is whether <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is done on this correction, or whether we'll see more pain. If you'd ask people before the drop, you'd be getting a more bullish answer. If you'd ask people right… <a href="https://t.co/9niq2jhw5k" rel="noopener noreferrer nofollow">pic.twitter.com/9niq2jhw5k</a>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1695465573201617071?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 26, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<a href="https://twitter.com/CryptoMichNL/status/1695465573201617071?s=20" rel="noopener noreferrer nofollow">Taking to his Twitter handle,</a> Michael Van De Poppe asked the burning question ‘Did Bitcoin bottom on this correction or are we expecting $20K?’ He explained that if this question had been raised before the tumble, one would likely have received a more positive response.&nbsp; 
<blockquote class="wp-block-quote"> 
 He wrote, “Bitcoin has been facing multiple 20%+ corrections during this year and has got seasonality within it. During the 2014-2018 cycle, a deep correction took place in the exact same week. It dropped to the exact same level, which is the 200-Week EMA.” 
</blockquote> 
But now, fear has crept back into the market, and sentiments are decidedly bearish. The Fear &amp; Greed index, which gauges market sentiment, is at 38 – similar to what was seen during the challenging times of March ’23, when a 22% dip pushed the index to 33. 
<blockquote class="wp-block-quote"> 
 “If we’re looking at recent news data and upcoming events, there are a few important ones to monitor: – Unemployment &amp; PMI next week for the U.S. – CPI on September 13th. – FOMC on September the 20th,” the analyst highlighted.&nbsp; 
</blockquote> 
Interestingly, Van de Poppe isn’t overly concerned about the current focus on Binance, likening it to the Tether worries of 2018. Overall, Van de Poppe leans towards a positive outlook for the correction’s end, given the significant shift in sentiment.&nbsp;

Will Bitcoin (BTC) Price Hit $20K in September? Here’s What Next

CoinPedia News

Other articles published on Aug 28, 2023

Binance's Risk Management Unveiled: Navigating Low-Cap Altcoin Challenges

Supra Introduces a Cross-chain Bridgeless Technology — HyperNova — that Enables Secure Blockchain...

Indian PM Modi calls for global cryptocurrency framework at G20 Summit

Binance Resumes Services in Belgium!

XRP Now Available on New Exchange

$BLUR Price Went Up 15.51% Over the Last 24 Hours

Join our free newsletter for daily crypto updates!