bullish

Bitcoin

Rekt

Bitcoin analysts are eying a breakout point in the coming weeks, but market sentiment and historical data threaten more potential downside in September.
<h2 id="bitcoin-nears-breakout-point-analyst">Bitcoin nears breakout point: analyst</h2>
Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price could be setting up for a rally, based on a bullish divergence forming on the daily chart, according to crypto analyst Mikybull Crypto.
The analyst <a data-ct-non-breakable="null" href="https://x.com/MikybullCrypto/status/1834554579930718570" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/MikybullCrypto/status/1834554579930718570">wrote</a> in a Sept. 13 X post:
<blockquote>
 “Bitcoin is nearing the breaking point out of the range.”
</blockquote>
<figure>
 <img alt="Bitcoin ’anxiety stage‘ risks more September losses, but there’s a silver lining&nbsp;&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ebad-0256-7015-829e-85f2df15f745">
 <figcaption style="text-align: center;">
 Bitcoin/USD, 1-day chart, bullish divergence. Source: Mikybull Crypto
 </figcaption>
</figure>
A bullish divergence is a technical formation used by traders to identify strengthening market momentum following lower lows. The indicator is associated with price reversals from downtrends.
Bitcoin also retested a key support level, which could result in a price breakout to above $92,000, according to popular analyst Titan of Crypto, who <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1834535703318856172/photo/1" rel="null" target="null" text="null" title="null">wrote</a> in a Sept. 13 X post:
<blockquote>
 “In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If BTC rallies 71% from here, it could reach $92,000.”
</blockquote>
<figure>
 <img alt="Bitcoin ’anxiety stage‘ risks more September losses, but there’s a silver lining&nbsp;&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ebad-8ac1-7359-916f-165357c9ded8">
 <figcaption style="text-align: center;">
 BTC.USD, 1-week chart. Source: Titan of Crypto
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/arthur-hayes-closes-bitcoin-short-rally-expected" rel="null" target="null" text="null" title="null">Arthur Hayes predicts Bitcoin rally after closing short position</a>
<h2 id="anxiety-stage-before-btc-price-breakout">“Anxiety stage” before BTC price breakout? </h2>
Bitcoin has entered the “anxiety stage,” based on the net unrealized profit-to-loss ratio, according to CryptoQuant contributing analyst Axel Adler. In other words, many short-term investors are underwater, which could mark a potential bottom, as highlighted in the chart below. 
The analyst <a data-ct-non-breakable="null" href="https://x.com/AxelAdlerJr/status/1834559111146389534" rel="null" target="null" text="null" title="null">wrote</a> in a Sept. 13 X post:
<blockquote>
 “After the Belief stage at $72K, Net Unrealized Profit/Loss (NUPL) shows a green bar, which corresponds to the Anxiety stage. Investor anxiety, if you're not an LTH, is a permanent process, the best remedy for this is HODL.”
</blockquote>
<figure>
 <img alt="Bitcoin ’anxiety stage‘ risks more September losses, but there’s a silver lining&nbsp;&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ebad-f403-78bf-b5b0-4ca020f1026e">
 <figcaption style="text-align: center;">
 BTC: adjusted net unrealized profit/loss NUPL. Source: Axel Adler
 </figcaption>
</figure>
Furthermore, Bitcoin’s current downside remains in line with previous historical cycles for September, according to popular analyst Rekt Capital, who <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1834150547869315266/photo/1" rel="null" target="null" text="null" title="null">wrote</a> in a Sept. 12 X post:
<blockquote>
 “Bitcoin is currently only -1.59% down on the month.”
</blockquote>
<figure>
 <img alt="Bitcoin ’anxiety stage‘ risks more September losses, but there’s a silver lining&nbsp;&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ebae-4c02-79a7-ba6b-0f40b10f27b9">
 <figcaption style="text-align: center;">
 Bitcoin average monthly returns, percentage. Source: Rekt Capital
 </figcaption>
</figure>
September has historically been a month of poor performance for Bitcoin price, with average returns at -4.69%, making it the most bearish month based on average returns, <a data-ct-non-breakable="null" href="https://www.coinglass.com/today" rel="null" target="null" text="null" title="null">according</a> to CoinGlass data.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bull-run-ahead-schedule-september-correction-analysts" rel="null" target="null" text="null" title="null">Bitcoin price eyes’ last dip’ before October breakout: Analysts</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ’anxiety stage‘ risks more September losses, but there’s a silver lining

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