On September 7, 2024, Bitcoin and other major cryptocurrencies experienced a significant price decline and have been continuously falling.

Bitcoin and other major cryptocurrencies, such as Ethereum and XRP, experienced a significant price decline on September 7, 2024. Throughout the month, crypto prices have been continuously falling, leaving many investors concerned about the future of the market.

However, one crypto expert recently shared a post on X (formerly Twitter) that might ease the worries of some investors. According to the expert, the market is setting up for a bullish October.

In the X post, the expert noted, “You don’t get a good October without a bad September.” This statement highlights a trend observed in the crypto market over the last five years.

According to CoinGlass’s Bitcoin Monthly returns, September tends to be a bearish month for Bitcoin. During this time, BTC usually experiences a massive price drop or correction. Interestingly, this bearish September is followed by a significant price surge in October.

To further elaborate on this trend, let’s examine the data. Out of the last five Septembers, four of them have been bearish for Bitcoin. At the same time, October has seen a price surge with a 100% success rate.

This data analysis reveals that now is the perfect time to buy Bitcoin in preparation for October, which is likely to bring higher prices. As of now, BTC has lost 8.3% of its value this month.

Moreover, expert technical analysis of Bitcoin reveals that it is currently hovering around a crucial support level of $53,000. Since July 2024, BTC has reached this level four times, and each time it encountered significant buying pressure.

Based on this historical price momentum, there’s a high chance that BTC’s price may rebound and soar to the $67,000 level. However, if BTC fails to maintain this level, it could fall to the $47,500 level or even lower.

In addition to this technical analysis, let’s also consider some on-chain metrics that can provide further insights into the market sentiment.

CoinGlass’s BTC Long/Short Ratio is a sentiment indicator that highlights trader views and the overall market sentiment. This ratio currently stands at 0.965, which signifies a bearish sentiment among traders.

Furthermore, the data also reveals that nearly 51% of top traders hold short positions, while 49% hold long positions. This indicates that a majority of top traders are betting on a further price decrease.

Interestingly, the trader sentiment on Binance differs from the overall market sentiment. According to the data, 78.05% of top traders on Binance are currently holding long positions, while only 21.95% hold short positions.

This suggests that traders on Binance view the current market sentiment as a buying opportunity and are potentially building their position for next month.

At press time, BTC is trading near the $53,500 level and has experienced a price drop of over 4.5% in the last 24 hours. Meanwhile, its trading volume has increased by 50% during the same period, indicating higher participation from traders amid the recent price crash.

The above is the detailed content of Best Time to Buy Bitcoin, Report: Expert Highlights How Market Corrections Often Occur in September before Prices Skyrocket in October. For more information, please follow other related articles on the PHP Chinese website!