- Having a shaky start to September, the value of Bitcoin
(BTC) has dropped and is currently hovering around $25,800.
- Despite the initial setbacks at the start of this month, BTC has the potential to change the September story. Given its unpredictable nature, Bitcoin could deviate from historical bearish and post gains.
- As September progresses, the crypto community is keeping a close eye on Bitcoin’s movements. While history paints a bleak September picture and recent events add to the uncertainty, Bitcoin’s path remains unpredictable.
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The SEC’s decision to delay all spot Bitcoin ETF filings caused the BTC price to start September with a bearish start; Could September reverse?
Bitcoin Price Drops Hard at the Beginning of September
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SEC’s decision to delay all spot Bitcoin ETF applications contributed to the price drop at the start of September. This decision followed shortly after Grayscale’s victory against the SEC, which briefly boosted market optimism.
Data analytics firm Santiment reported that Bitcoin started September with its lowest price since June 16th, dropping to $25.4k. They stated:
“Investors are increasingly concerned that the SEC may not be willing to approve a spot Bitcoin ETF even after Grayscale’s victory. We expect FUD (fear, uncertainty, doubt) to dominate at least over the weekend.”
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In the context of past performance, it’s important to note that September has traditionally not been favorable for BTC. Crypto analyst Will Clemente highlighted that Bitcoin has mostly seen negative returns in this month since 2016. Particularly, 2019 witnessed a sharp decline of 13.47%, while 2022 saw a milder decrease of 3.12%.
Can September turn the tide?
Despite the initial hiccups at the beginning of this month, BTC has the potential to change its September story. Given its unpredictable nature, Bitcoin could deviate from historical declines and record gains. However, the fate of the market largely depends on fundamental factors, and traders need to remain vigilant.
The delayed SEC decisions regarding ETFs shook the market, and although some experts expected this outcome, the resulting decline was more pronounced than anticipated. Grayscale’s court victory initially signaled an open door for Bitcoin ETFs. However, successive delays have muddied the waters of uncertainty. Additionally, the SEC has another 45 days to finalize its stance, and another extension is possible.
However, analysts are holding onto a glimmer of hope, as they evaluate the probability of the SEC approving a spot Bitcoin ETF within this year at 75%. This optimistic estimate, especially after Grayscale’s court victory, implies that the SEC may struggle to maintain its previous rejection stance.
In conclusion, as September progresses, the crypto community is closely watching Bitcoin’s movements. While history paints a gloomy picture of September and recent events increase uncertainty, Bitcoin’s path remains unpredictable. As the SEC’s decision day approaches, the results will significantly impact Bitcoin’s trajectory.”