{"id":549728,"date":"2023-09-01T12:00:11","date_gmt":"2023-09-01T12:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=549728"},"modified":"2024-06-11T10:43:20","modified_gmt":"2024-06-11T10:43:20","slug":"bitcoin-price-prediction-for-september-2023","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-prediction-for-september-2023\/","title":{"rendered":"Bitcoin Price Prediction For September 2023: What To Expect"},"content":{"rendered":"

After a short-lived rally above $28,000 this week following Grayscale’s landmark court case victory against the US Securities and Exchange Commission (SEC) over the conversion of GBTC into a spot ETF, the price of BTC has once again settled around the $26,000 mark. This comes after yesterdays’ SEC’s decision to postpone<\/a> all Bitcoin spot ETF decisions for 45 days.<\/p>\n

Renowned crypto analyst, Rekt Capital, has weighed in on the situation with a series of tweets that provide insight into Bitcoin’s potential trajectory for the upcoming month. As the analyst remarks, Bitcoin has registered a bearish monthly candle close for the month of August due to yesterdays’ price plunge.<\/p>\n

Bitcoin Price Prediction For September 2023<\/h2>\n

In a series of tweets<\/a>, Rekt Capital explained, “BTC closed below ~$27,150, confirming it as lost support. It’s possible BTC could rebound into ~$27,150, maybe even upside wick beyond it this September. But that would likely be a relief rally to confirm ~$27,150 as new resistance before dropping into the $23,000 region.<\/p>\n

\"Bitcoin
Bitcoin bearish monthly close | Source: Twitter @rektcapital<\/figcaption><\/figure>\n

Historically, September has not been particularly kind to Bitcoin, with the month recording the least number of positive-returning months at just two, and currently being on a 6-year negative-returning streak.<\/p>\n

Related Reading: How Bitcoin And Crypto Are Impacted By The Fed\u2019s Growing War Chest: Report<\/a><\/div>\n

Rekt Capital delves deeper into this trend, stating, “A frequently recurring downside amount for BTC in the month September is -7%. If BTC were to drop -7% from current price levels this month, price would retrace to ~$24,000.”<\/p>\n

However, according to the analysis by the analyst, the next major monthly level is sitting at ~$23,400. This suggests that price maybe does not stop at -7% if BTC can’t gain new momentum. Instead, BTC could potentially downside wick -10% in total to reach that next major monthly level.<\/p>\n

The analyst further elaborated on the historical performance of Bitcoin in September, noting, “September – positive or negative month? Typically, we tend to see a negative month for BTC in September. However, for the most part BTC sees single-digit drawdown in Septembers. 8 out of 10 of the past Septembers have experienced downside. Only 2 months saw small, single-digit gains in the month of September (+2% in 2015 and +6% in 2016).”<\/p>\n

\"Bitcoin
Bitcoin monthly returns | Source: Twitter @rektcapital<\/figcaption><\/figure>\n

Worst Case Scenario<\/h2>\n

Drawing parallels with previous years, Rekt Capital highlighted that the most recurring drawdown in September has been a -7% dip, as observed in 2017, 2020, and 2021. However, he also pointed out that Bitcoin only saw double-digit retracement in 2019 (-13%) and in 2014 (-19%). The latter, being a bear market year, might not be the best comparison for 2023, which is shaping up to be a bottoming out year, akin to 2019 or 2015.<\/p>\n

Related Reading: Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings<\/a><\/div>\n

Addressing the looming question of another potential crash in September, the analyst opined, “In 2019 BTC saw a -13% retrace but we also need to keep in mind that BTC just saw one of its worst-ever August drawdowns at -16%. It’s unlikely that Bitcoin would experience severe back-to-back drawdown both in August and now in September as well.”<\/p>\n

Concluding his analysis, Rekt Capital shared his personal forecast, “I think a drawdown of around -7% to -10% September could reasonably occur from current levels. This would see price drop to ~$24,000 – $23,000.”<\/p>\n

Remarkably, there is unlikely to be a Bitcoin spot ETF decision in September, which may be the biggest catalyst for the market at the moment. The next deadlines for filings by Bitwise, BlackRock, Fidelity and the others is October 16 and 17. Only an action by the SEC after the lost<\/a> lawsuit against Grayscale could provide a surprise event. However, there are currently no deadlines or statements from the SEC if and when they will carry out the ruling.<\/p>\n

At press time, BTC traded at $26,104.<\/p>\n

\"Bitcoin
Bitcoin retraces to pre-Grayscale judgment level, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Finextra Research, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

After a short-lived rally above $28,000 this week following Grayscale’s landmark court case victory against the US Securities and Exchange Commission (SEC) over the conversion of GBTC into a spot ETF, the price of BTC has once again settled around the $26,000 mark. This comes after yesterdays’ SEC’s decision to postpone all Bitcoin spot ETF decisions for 45 days. Renowned crypto analyst, Rekt Capital, has weighed in on the situation with a series of tweets that provide insight into Bitcoin’s potential trajectory for the upcoming month. As the analyst remarks, Bitcoin has registered a bearish monthly candle close for the month of August due to yesterdays’ price plunge. Bitcoin Price Prediction For September 2023 In a series of tweets, Rekt Capital explained, “BTC closed below ~$27,150, confirming it as lost support. It’s possible BTC could rebound into ~$27,150, maybe even upside wick beyond it this September. But that would likely be a relief rally to confirm ~$27,150 as new resistance before dropping into the $23,000 region. Historically, September has not been particularly kind to Bitcoin, with the month recording the least number of positive-returning months at just two, and currently being on a 6-year negative-returning streak. Related Reading: How Bitcoin And Crypto Are Impacted By The Fed\u2019s Growing War Chest: Report Rekt Capital delves deeper into this trend, stating, “A frequently recurring downside amount for BTC in the month September is -7%. If BTC were to drop -7% from current price levels this month, price would retrace to ~$24,000.” However, according to the analysis by the analyst, the next major monthly level is sitting at ~$23,400. This suggests that price maybe does not stop at -7% if BTC can’t gain new momentum. Instead, BTC could potentially downside wick -10% in total to reach that next major monthly level. The analyst further elaborated on the historical performance of Bitcoin in September, noting, “September – positive or negative month? Typically, we tend to see a negative month for BTC in September. However, for the most part BTC sees single-digit drawdown in Septembers. 8 out of 10 of the past Septembers have experienced downside. Only 2 months saw small, single-digit gains in the month of September (+2% in 2015 and +6% in 2016).” Worst Case Scenario Drawing parallels with previous years, Rekt Capital highlighted that the most recurring drawdown in September has been a -7% dip, as observed in 2017, 2020, and 2021. However, he also pointed out that Bitcoin only saw double-digit retracement in 2019 (-13%) and in 2014 (-19%). The latter, being a bear market year, might not be the best comparison for 2023, which is shaping up to be a bottoming out year, akin to 2019 or 2015. Related Reading: Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings Addressing the looming question of another potential crash in September, the analyst opined, “In 2019 BTC saw a -13% retrace but we also need to keep in mind that BTC just saw one of its worst-ever August drawdowns at -16%. It’s unlikely that Bitcoin would experience severe back-to-back drawdown both in August and now in September as well.” Concluding his analysis, Rekt Capital shared his personal forecast, “I think a drawdown of around -7% to -10% September could reasonably occur from current levels. This would see price drop to ~$24,000 – $23,000.” Remarkably, there is unlikely to be a Bitcoin spot ETF decision in September, which may be the biggest catalyst for the market at the moment. The next deadlines for filings by Bitwise, BlackRock, Fidelity and the others is October 16 and 17. Only an action by the SEC after the lost lawsuit against Grayscale could provide a surprise event. However, there are currently no deadlines or statements from the SEC if and when they will carry out the ruling. At press time, BTC traded at $26,104. Featured image from Finextra Research, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":549729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6848,86326,7720,1119,1144],"class_list":["post-549728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price-prediction","tag-bitcoin-spot-etf","tag-blackrock","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Price Prediction For September 2023: What To Expect<\/title>\n<meta name=\"description\" content=\"Historically, September has not been kind to Bitcoin, with the month recording the least number of positive-returning months at just 2.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Prediction For September 2023: What To Expect","url":"http:\/\/wncen.com\/news\/bitcoin-price-prediction-for-september-2023\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-prediction-for-september-2023\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/40.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/40.jpeg?fit=800%2C449"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price prediction","bitcoin spot etf","blackrock","btc","btcusd"],"dateCreated":"2023-09-01T12:00:11Z","datePublished":"2023-09-01T12:00:11Z","dateModified":"2024-06-11T10:43:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Prediction For September 2023: What To Expect\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-prediction-for-september-2023\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-prediction-for-september-2023\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/40.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/40.jpeg?fit=800%2C449\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price prediction\",\"bitcoin spot etf\",\"blackrock\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-01T12:00:11Z\",\"datePublished\":\"2023-09-01T12:00:11Z\",\"dateModified\":\"2024-06-11T10:43:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/40.jpeg?fit=800%2C449","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549728"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549729"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}