September is usually a tough month for Bitcoin (BTC-USD), but this time, some traders are singing a different tune. While history has shown that Bitcoin tends to slump during this month, Tyr Capital’s chief investment officer, Ed Hindi, believes we could see a surprise. “Although September is historically a negative month for BTC, the combination of a Fed rate cut and a relatively robust U.S. economy could surprise the bears,” Hindi told Cointelegraph. He thinks there’s a better chance Bitcoin will finish September above $60,000 rather than below it.
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Traders Eye Key Levels Amid Extreme Fear
Yet, not everyone is feeling so bullish. Market sentiment has dropped into “extreme fear” territory, with Bitcoin hovering around $56,000. According to Cointelegraph Markets Pro, Bitcoin briefly dipped below $56,000, wiping $29.7 billion from its market cap. Arthur Hayes, co-founder of BitMEX, is betting on a further drop, predicting Bitcoin could fall “sub $50k this weekend.” As he put it in a recent X post, “BTC is heavy… I took a cheeky short.”
What Could Push Bitcoin Back into Bullish Territory?
Other traders, like Daan Crypto Trades, are looking for signs of a reversal. He told Cointelegraph he’s watching for a “higher high and higher low” on the charts, which would signal a potential shift back to bullish territory. As September unfolds, the crypto world waits to see if the bears or the bulls will win this round.
At the time of writing, Bitcoin is sitting at $55,723.63.
