Cryptocurrency analysis firm QCP has released a statement outlining their expectations for the Bitcoin market in September, emphasizing the historically bearish nature of the month. According to their analysis, six of the last seven Septembers have seen negative returns for Bitcoin, with an average decline of 4.5%. If this trend continues, Bitcoin’s price could potentially drop to around $55,000.
QCP also noted that Bitcoin concluded August with a decline of 8.6%, unable to recover above $65,000 after the ‘BOJ crash’ at the start of the month. Ethereum fared even worse, dropping by 22.2% in August, allegedly due to selling by Jump Trading.
Despite these bearish indicators, QCP believes that Bitcoin will find strong support around $54,000, a level from which it previously rebounded in July before reaching $70,000.
Looking ahead to this week, QCP doesn’t anticipate any major market movements despite upcoming economic data releases such as Unemployment Claims and NFP. They suggest that macro data has been having a diminishing impact on crypto prices in recent weeks.
QCP’s analysis also indicates expectations for the volatility curve to steepen further as short-term volatility decreases in a sideways market. Additionally, they observe a trend of long call options being rolled further out, suggesting continued structural bullishness for Bitcoin and Ethereum in the medium term.
