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.
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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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