According to a recent thread, Scott Redler of T3 Trading Group believes that if bulls fail to hold $17,600, the price of bitcoin might fall by $10,000.
On the Bitstamp exchange, the biggest cryptocurrency is presently fighting to recoup its momentum and trading around $19,804.
Redler asserts that the abundance of opportunities in the cryptocurrency sector will make this September particularly “exciting.”
As long as the price of bitcoin is below the crucial $20,700 mark, bearish pressure will keep increasing.
Bitcoin ended up being the asset with the worst performance in August
The cryptocurrency was hit hard last month after the U.S. Federal Reserve dashed traders’ hopes of a more accommodative monetary policy.
Redler recently foresaw that, despite the much-hyped merging upgrade, the price of Ethereum could go below $1,000.
Many traders predict that Bitcoin will perform poorly this month as well. September has historically been a poor month for Bitcoin. Since 2013, the biggest cryptocurrency has had a September decrease of 6% on average.
In 2015 and 2016, Bitcoin was the only month to maintain a profit. The price of the leading cryptocurrency fell by 19% and 13.4%, respectively, in 2014 and 2019. The Fed appears to be on track to announce a number of more interest rate hikes in the meantime.
The central bank is expected to raise the benchmark rate by a further 75 basis points in September, according to traders, in order to control inflation.
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