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On September 7, 2024, Bitcoin and other major cryptocurrencies experienced a significant price decline and have been continuously falling. Amid this market downturn, a crypto expert recently shared a post on X (formerly Twitter) highlighting how market corrections often occur in September before prices skyrocket in October.
In a post on X expert noted, “You don’t get a good October without a bad September.”
Best Time to Buy Bitcoin, Report
CoinGlass’s Bitcoin Monthly returns show that September is a bearish month where BTC experienced a massive price drop or correction before a significant price surge in October. In the last five years, September has been bearish for Bitcoin four times, while October has seen a price surge with a 100% success rate.
Based on the historical price momentum, there is a high chance that BTC’s price may rebound and soar to the $67,000 level. However, if BTC fails to hold this level, it could fall to the $47,500 level or even lower.
Mixed Sentiment from On-chain Metrics
Besides this technical analysis, CoinGlass’s BTC Long/Short Ratio is a sentiment indicator that highlights trader views and market sentiment. Currently, this ratio stands near 0.965, indicating a bearish sentiment. Additionally, the data also shows that nearly 51% of top traders hold short positions, while 49% hold long positions.
On Binance, however, 78.05% of top traders are currently holding long positions, while only 21.95% hold short positions. This indicates that traders on Binance view the current market sentiment as a buying opportunity and are potentially building their position for next month.
Current Price Momentum
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.