Bitcoin risks worst August since 2015 as hodlers brace for ‘Septembear’

Bitcoin (BTC) is set to see its worst August performance since the 2015 bear market and could get even worse next month.

Data from on-chain analytics resources coin glass shows that BTC/USD has not seen such a bad August in 7 years.

September Means Average BTC Price Drop Of 5.9%

Bitcoin hodlers are understandably scared after two big drops in BTC price in recent weeks, but historically September has performed even worse than August.

At $20,000, BTC/USD is down 14% this month, its biggest August loss since 2015 when the pair posted a red monthly candle of 18.67%.

The years that followed proved that August could be a mixed bag when it comes to BTC price performance.

But one month where no one is speculating about the expected price direction is September. Already famous as Bitcoin’s “red” month, the average loss since coinglass records began in 2013 has been almost 6%.

Historically September is the Down Month

“September”

Trader_J (@Trader_Jibon) August 26, 2022

This time around, macro volatility combined with tradition has led to analysts’ pessimistic forecasts.

The stock market is generally not doing well right now, so BTCs fall reflects that, said trader Josh Rager. wrap up As Bitcoin threatened the $20,000 support.

“September is generally not a great month historically. It could probably drop here and be an opportunity for buyers later in the month. I would be a spot buyer long term under $20,000.

Rager continued to discuss the possibility that bitcoins from the Mt.Gox refurbishment process could be sold en masse by creditors to receive them after waiting eight years.as Cointelegraph reportMany believe that such an event will not occur, and on the contrary, there are unfounded fears.

Monthly charts are ‘really ugly’

Turning to monthly closes, nervous commentators focused on whether Bitcoin could avoid a monthly candlestick break below $20,000.

Related: Why September Is Becoming A Potentially Ugly Month For Bitcoin Prices

Otherwise, BTC/USD will match June in terms of chart lows since the end of 2020.

Worse, Galaxy Trading warned its Twitter followers over the weekend that it fears such an event could trigger a snowball sell-off.

“Things look really ugly at monthly TF,” he said. I have written On that day.

A drop below 20,000 monthly candles in three days could trigger a big sell to at least 14,000. The reason is that a break below 19900 would mean involving a bearish candle in a large TF.

A move well below $20,000 would violate the prescribed pivot zone since the first move above that level in 2020.

Bitcoin looks poised for a deeper retest of the key pivot ranges identified using the December 2017 Monthly Wick and Close. It has acted as a perfect resistance, acted as a launch pad in 2020, acted as a support in 2020. 2022,” he said. explained About the monthly chart.

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