Will September Break the Crypto Market's Bearish Trend? Analyzing Bitcoin's BER Month Outlook
Bitcoin Update:
As we enter the "BER" months, crypto traders are anticipating the "BEAR" months. But the main question today is: will this year break the trend?
Typically, we expect a rough September in the crypto market. However, consider this: a negative August could potentially prevent a negative September. Why? Although September usually sees a downturn, 43% of negative Augusts have been followed by positive Septembers. Additionally, the selling pressure started back in July. We've seen three major sell-offs, totaling 170,917 BTC ($10.69B), in July and August.
Here are the details:
- German Government:
Sold 49,859 BTC ($3B) in early July.
No longer holds BTC.
- Mt. Gox:
Repaid 95,958 BTC ($6.07B) in July and August.
Still holds 44,898 BTC ($2.65B), which is about one-third of the initial holdings.
- Genesis Trading:
Distributed 24,068 BTC ($1.55B) for repayment on August 2.
No longer holds BTC.
With these major selling pressures now cleared, we might see some positive developments this "BER" season. The Federal Reserve may cut interest rates by September, which could boost demand for risk assets like Bitcoin. Additionally, FTX will repay $16B to its creditors in cash, not crypto, unlike Mt. Gox, whose repayments could be re-injected into Bitcoin or other altcoins. As for the upcoming U.S. election, both parties are showing support for crypto regulations, but some believe that a Trump victory might be more favorable for the crypto market.
"Love the optimism in this post! 🌞 It's refreshing to see a more positive spin on what could be a rough season for Bitcoin. The data on past selling pressures is fascinating, and it'll be interesting to see how these factors play out. What are your thoughts, Steem community? Do you think we're in for a surprise this year? 😄 Also, don't forget to vote for xpilar.witness by heading over to https://steemitwallet.com/~witnesses and showing some love! 💚"