September has historically been a challenging month for the cryptocurrency market, often testing the resilience of Bitcoin. In the past, the price of Bitcoin has experienced significant drops, reaching as much as a 13% decline, leading to concerns and doubts among investors and traders about the sustainability of Bitcoin’s value.
According to market analyst Timothy Peterson, based on current analysis, there is a 50% possibility that the price of Bitcoin may drop below $25,000 before the end of September. While this could temporarily worry Bitcoin enthusiasts, history has shown that October is a promising time for a potential rebound.
In previous years, after the price declines in September, Bitcoin has shown strong recovery in October. Peterson’s heatmap chart indicates that Bitcoin could potentially surge by up to 48% following deep September dips.
Should Bitcoin indeed drop below $25,000 in September, it could mark the final adjustment before entering a new bullish cycle. Peterson believes that such a drop, followed by a recovery and potential price increase in October, could set the stage for significant gains in the future.
Another positive sign is that despite the price fluctuations, the number of new Bitcoin addresses continues to steadily increase. This divergence between price and network growth provides valuable insights into the long-term upward trend of BTC.
While Bitcoin’s price faces volatility, the network’s robustness remains strong. This demonstrates a growing interest in accepting and using Bitcoin, supporting the concept of a stable and sustainable long-term upward trend.
However, currently, Bitcoin is still struggling to break through the $29,200 and $28,900 price levels, which have been persistent since the beginning of August. As of now, BTC is trading at around $29,200.