Analysts weigh in on how bitcoin is likely to fare in September in terms of volumes and price, based on historical data.
that sent the BTC price into $25,000 territory. According to CoinShares head of research James Butterfill, August's price decline"has underscored bitcoin's vulnerability from larger trades, exacerbated by current low volumes."
favoring Grayscale, Butterfill told The Block,"It is unlikely to accelerate the timetable for an SEC approval as there is still the potential for an appeal."Butterfill questioned whether market conditions in September would be able to defend bitcoin at its current value. Pivotal to his assessment is"a rising DXY that has affected risk assets at large."last Friday
Butterfill also pointed to bitcoin trade volumes being lower than this time last year as a negative sign."This is more than just the seasonal impact," he added. According to the researcher, bitcoin trade volume last summer averaged $7.5 billion per day, compared to $4 billion this summer. have had an impact on U.S. exchange volumes. He also pointed out the Binance fee holiday"that began in March 2022 ended in March 2023, resulting in sharp volume declines."Historically, September has been a poorly performing month for bitcoin. Krown Trading's Eric Crown noted in anon X that"nine of the total 13 prior Septembers have had negative returns open to close and an average loss return of -12.80%." Therefore, investors remain wary of additional downside pressure.
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