Cryptocurrencies traded lower on Friday, September 1 with Bitcoin retesting the $26k area. Declines across major altcoins added to the forecast of a “bumpy” ride in historically negative September. The crypto heat map below shows that Bitcoin and Ethereum have dipped under $26k and $1.7k respectively, with most top 20 coins in the red. The global crypto market cap has dropped by 3.4%.
Analysts say the crypto market could be in for yet another rough September. Will Clemente, a crypto analyst, has pointed out that historical data shows crypto is on a six-year streak of negative returns during this month and that no other month has had as few green monthly candles as September has for Bitcoin price.
Santiment notes that the recent decline is likely fueled by latest delays for spot Bitcoin ETFs, and that the upside following the court decision could be more of a “buy the rumour, sell the news” event. PlanB adds that Bitcoin has to shake off “all tourists and weak hands before take-off”.
Although the next few weeks will likely be choppy, analysts are forecasting a return to upside momentum in mid-October. This outlook takes into account the potential for a SEC decision on the multiple ETF applications it delayed on Thursday.
Bitcoin is currently trading near $26,000, with the price range of $25,600-$26,600 a key zone. Both bulls and bears are eyeing control here and a flip lower is likely if we have a “Sept-repeat”.