Bitcoin

Rekt

<p>The post <a rel="nofollow" href="https://coinpedia.org/bitcoin/bitcoin-price-prediction-for-september-2023-bullish-or-bearish-what-to-expect/">Bitcoin (BTC) Price Prediction for September 2023: Bullish or Bearish?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Co-founders of data analytics firm, Glassnode, Jan Happel and Yann Allemann, shed light on Bitcoin’s potential performance in the upcoming month, combining optimism and caution. Amid positive indications from Bitcoin’s momentum indicator, historical patterns cast doubts on the trajectory of its price in <a href="https://coinpedia.org/bitcoin/will-bitcoin-btc-price-hit-20k-in-september-heres-what-next/">September</a>.</p> 
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   <p lang="en" dir="ltr">Decoding Bitcoin's August Trends: What's Next?<br><br>Introduction:<br>Bitcoin's journey in August has caught attention in the crypto world. Like a memory from June 2022, the daily Relative Strength Index (RSI) makes people wonder about September. Questions arise about pain below $25.5k… <a href="https://t.co/8KoakLZqYD">pic.twitter.com/8KoakLZqYD</a></p>— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) <a href="https://twitter.com/Negentropic_/status/1694651206830793100?ref_src=twsrc%5Etfw">August 24, 2023</a>
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<p>Glassnode’s co-founders Jan Happel and Yann Allemann highlight the importance of Bitcoin’s relative strength index (RSI), which shows bullish signals for September. However, they sound a warning that if the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin price</a> falls below $25,500, recovering ground could prove challenging.</p> 
<p>Read More: <a href="https://coinpedia.org/price-analysis/bitcoin-price-prediction-can-btc-reach-50000-in-2023/">Bitcoin Price Prediction: Can BTC Reach $50,000 in 2023?</a></p> 
<h2 id="septembers-outlook-should-you-expect-a-relief-rally" data-name="septembers-outlook-should-you-expect-a-relief-rally" class="wp-block-heading"><strong>September’s Outlook – Should You Expect a Relief Rally?&nbsp;</strong></h2> 
<p>Glassnode’s analysis draws parallels between August’s performance and a past memory from June 2022. The daily RSI sparks speculation about September’s course. Here questions arise about Bitcoin’s resilience below $25,500 and the challenge of breaking past $26,000. The co-founders offer a cautiously optimistic outlook for September, citing the RSI’s potential for a comeback. Yet, they advise to be careful as surpassing $25,500 and $26,000 might not be straightforward.</p> 
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   <p lang="en" dir="ltr">BTC Sellers Losing Steam <br><br>Sellers losing grip as selling pressure weakens post-BTC drop below $26.5k support.<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;"> Initial signs of system strength emerge but demand lacking for strong longs at $26k.<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;"> Price bounces on solid $25.23k support.<br><br>Bullseye relief rally above $26.5k… <a href="https://t.co/KLyTbdwrtz">pic.twitter.com/KLyTbdwrtz</a></p>— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) <a href="https://twitter.com/Negentropic_/status/1695015413791293894?ref_src=twsrc%5Etfw">August 25, 2023</a>
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<p>Close monitoring of Bitcoin’s chart shows that the <a href="https://coinpedia.org/traders/relative-strength-index-rsi/">RSI</a> hovers just under 30 on a scale of 0 to 100, displaying a possible oversold condition. The co-founders note the current dominance of bears in the Bitcoin market. Moreover, the signs suggest a slowdown in BTC selling, paving the way for a possible relief rally that could revive Bitcoin to the $27,000 mark.&nbsp;</p> 
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 <p><strong><em>“Initial signs of system strength emerge but demand lacking for strong longs at $26,000.”</em></strong></p> 
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<h2 id="traders-look-for-short-term-indicators" data-name="traders-look-for-short-term-indicators" class="wp-block-heading"><strong>Traders Look for Short-Term Indicators</strong></h2> 
<p>Delving into Glassnode’s short-term holder MVRV indicator, which measures the market value of coins relative to their most recent transaction price, reveals an index standing at 1.12. This translates to an average profit of 12% for short-term holders. However, the pivotal question arises: how might this influence the market? </p> 
<p>Should the ratio escalate beyond 1.2 ($33,200) and approach 1.4 ($38,700), the odds of market corrections intensify, suggesting additional selling pressures beyond the $33,000 threshold for Bitcoin speculators.</p> 
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   <p lang="en" dir="ltr">Short-Term <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> holders are losing big, with their profit plummeting to lows not seen since the bear market downtrend during 2022.<br><br>At first glance, this looks like a bad thing.<br> <br>Short-Term Holder Profit only drops this low at the start of a bear market… but… <a href="https://t.co/06wcMq99Vz">pic.twitter.com/06wcMq99Vz</a></p>— CryptoCon (@CryptoCon_) <a href="https://twitter.com/CryptoCon_/status/1695875784487862556?ref_src=twsrc%5Etfw">August 27, 2023</a>
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<p>While Rekt Capital also said, Bitcoin will undergo a significant pullback in the coming months, leading many to believe the bull market has ended. However, this is just an illusion, as Bitcoin will soon continue its upside journey.</p> 
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   <p lang="en" dir="ltr">Bitcoin will retrace deep enough to convince you that the Bull Market is over<br><br>And then it will resume its uptrend<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1695825749712756891?ref_src=twsrc%5Etfw">August 27, 2023</a>
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<p>As of writing, Bitcoin trades at $26,059, registering a minor 0.1% decline in the last 24 hours.</p> 
<p><strong>Do you agree with Glassnode’s analysis? Share your thoughts with us!</strong></p>

Bitcoin (BTC) Price Prediction for September 2023: Bullish or Bearish?

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