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Bitcoin Faces Tough September, Uncertainty Looms Ahead

Bitcoin Faces Tough September, Uncertainty Looms Ahead

CryptodnesCryptodnes2024/09/11 11:06
By:Cryptodnes

Investors in Bitcoin should prepare for a challenging September, historically one of the worst months for returns, according to New York Digital Investment Group (NYDIG).

In a market update on September 10, Greg Cipolaro, NYDIG’s global head of research, highlighted the scarcity of near-term catalysts for Bitcoin . Cipolaro noted that significant drivers for Bitcoin’s price are currently limited to broader macroeconomic factors like inflation, unemployment, and interest rate decisions by the Federal Open Market Committee, rather than cryptocurrency-specific events.

Despite Bitcoin’s recent 3% increase, aided by gains in the SP 500 and Nasdaq, September’s historical trend shows an average loss of 5.9% for Bitcoin over the past 13 years.

Looking ahead, the fourth quarter, which starts in less than three weeks, has generally been more favorable for Bitcoin, with October and November historically showing average gains of 16.1% and 40.6%, respectively.

READ MORE:
Bitcoin’s Future Could Depend on U.S. Presidential Election Outcome, Analysts Say

Cipolaro also mentioned the upcoming U.S. presidential election as a significant concern, noting the uncertainty surrounding the candidates’ positions on digital assets. This potential volatility could impact Bitcoin’s performance in the near term.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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