Bitcoin trader: September downturn may lead to unexpected rebound for bears
Although historical data shows that Bitcoin performed poorly in September, some traders are dismissive and even believe that the current market environment may change this situation. Ed Hindi, chief investment officer at Tyr Capital, told Cointelegraph that against the backdrop of the Federal Reserve’s interest rate cuts and a strong U.S. economic recovery, the likelihood of Bitcoin breaking through $60,000 is significantly higher than the risk of falling below that level.
Currently, Bitcoin is trading at $56,633, with the price slightly down 0.85% in the past month. However, while the overall market sentiment is subdued in the short term, futures traders still believe that Bitcoin can return to $60,000, which would be a significant blow to short positions.
In addition, cryptocurrency analyst Daan Crypto Trades mentioned that in the past 11 years, September has been the weakest month for Bitcoin, with an average decline of about 4.49%. He said that he will pay attention to the Bitcoin price chart changes to capture the market structure with more bullish signals.
Against this background, industry experts are calling for attention to market trends, hoping to see BTC rebound above $65,000 to show strong market confidence. As time goes by, whether Bitcoin can break the traditional model and reverse the predicament will attract much attention.
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