Bitcoin chills in September: Historical trends continue, demand remains low, future remains uncertainSeptember has not been kind to Bitcoin (BTC) this year, continuing a trend that has been observed since 2013, making the month typically challenging for the top cryptocurrency. Bitcoin ended August on a negative note, while Google Trends data reveals a significant drop in public interest towards Bitcoin
Bitcoin chills in September: Historical trends continue, demand remains low, future remains uncertain
September has not been kind to Bitcoin (BTC) this year, continuing a trend that has been observed since 2013, making the month typically challenging for the top cryptocurrency. Bitcoin ended August on a negative note, while Google Trends data reveals a significant drop in public interest towards Bitcoin.
Julio Moreno, head of research at Cryptoquant, shared his perspective on the X platform, highlighting that demand has significantly dropped. "Bitcoin price is falling simply because demand is not there. In fact, demand is declining right now. Essentially, all valuation metrics are in bearish territory," Moreno wrote. "The price level to watch is: $55.5K - the on-chain realized price floor for traders," the researcher added.
When asked if he believes Bitcoin will hit an all-time high in the fourth quarter, Moreno responded, "Unfortunately, nobody knows. That's why we monitor demand and other metrics. Yes, the seasonality for the fourth quarter is positive. But it also depends on the overall economic situation and the state of the Bitcoin market."
Meanwhile, as Bitcoin's value continues to decline, some still believe a surprise turn of events could be on the horizon. Cryptomoon, an X platform account, commented, "Crypto Twitter is like a ghost town, most of the known YouTube influencers have finally turned bearish. And that's precisely when Bitcoin could surprise everyone and display its unique behavior." Another X platform account stated, "Bitcoin long-term holder supply is rising. It's not time to be bearish." TheGoldPrairie, an X platform account, shared a chart and wrote, "I'm as tired of this range as you are. But holy crap, how can you be bearish on this move?"
With Bitcoin hovering around a key price range, the market is divided between cautious bearishness and optimistic bullishness. Some are waiting for further decline, while others believe a breakout is coming. Amidst the uncertainty, the coming weeks could reveal whether Bitcoin will defy historical trends or continue to be constrained by stagnant demand and waning interest.
Many believe the fourth quarter will bring some exciting developments, and as Moreno mentioned, past trends suggest this is quite possible, especially in bull market years. However, as the Cryptoquant researcher emphasized, no one can definitively predict the future. While data and charts provide valuable clues, the market always has the capacity to catch experts off guard. In the unpredictable world of cryptocurrencies, surprises are always around the corner, and you can never truly know what will happen next.
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