The Redtember Crypto Curse: Will Bitcoin Break the Pattern This September?

September has typically been a challenging month  for Bitcoin, with the cryptocurrency plagued by losses in every year since 2013.

This historical pattern has created a sense of unease among investors, who are concerned about the possibility of seeing similar downturns again this year.

With Bitcoin struggling to find its footing  around the $60,000 mark, there is even more concern about where the reigning crypto king—and, with it, the market—is headed.

Lurking in the shadows is the specter of a protracted bear market, which could send shockwaves through the market.

Struggling Near $60,000 Amidst Mixed September Outlook

Bitcoin was stuck in neutral, hovering around $57,000  at press time, experiencing a slight daily dip of 0.3% and a more considerable weekly fall of 8%.

Bitcoin continues to struggle with the $60,000 resistance level, which might dampen investor enthusiasm and lead to further declines. The next few weeks will be critical in determining Bitcoin’s direction.

The outlook for September is decidedly mixed, with some analysts warning that Bitcoin’s recent gains may be due for a correction.

Others, however, see the current lower prices as a buying opportunity. As always, the market’s inherent volatility is a wild card that could sway the cryptocurrency’s direction either way.

What Do Analysts Think?

According to one analyst , a key indicator to watch is the “price realized by the hot supply. ” This metric tends to remain bullish when Bitcoin exceeds $66,000.

On the other hand, a sustained drop below this level could signal a bearish turn, underscoring the importance of monitoring this metric.

Analyst Ali Martinez also weighed in, observing that while Bitcoin has followed its usual pattern in August, the crypto community is bracing for a potentially tough Redtember.

However, Spot On Chain’s contrarian view  emerged, identifying several reasons why this September might defy expectations.

Spot On Chain began by challenging the notion that September is a dormant month for Bitcoin.

While Bitcoin does tend to struggle during this period, the research firm noted that nearly 43% of Septembers have historically rebounded from negative Augusts. This year, following a lackluster August, there may be an opening for a rebound.

Spot On Chain’s optimism was rooted in several factors.

With major sell-offs subsiding, long-term holders are still holding their ground, which could calm the market.

Additionally, the analyst noted that Bitcoin ETFs could become a significant buying force. Favorable interest rates, capital flows, and regulatory environments also support a strong market in September.