{"id":550455,"date":"2023-09-08T01:00:54","date_gmt":"2023-09-08T01:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=550455"},"modified":"2024-06-11T08:07:02","modified_gmt":"2024-06-11T08:07:02","slug":"bitcoin-drop-halving-get-worse-in-september","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-drop-halving-get-worse-in-september\/","title":{"rendered":"Bitcoin Drop Before Halving Expected, Will It Get Worse In September?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Benjamin Cowen, an analyst and founder of Into The Cryptoverse, thinks Bitcoin will likely maintain a downside trajectory in September ahead of next year&#8217;s halving. Pointing to the coin&#8217;s performance and comparing it to how Bitcoin has faired over the years, the analyst predicts doom for the world&#8217;s most valuable cryptocurrency.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bitcoin is trading at around $25,860 and has remained under pressure in the past few weeks after surging almost 60% from November 2022 lows, when the drop was accelerated by the collapse of FTX and the bankruptcy of several centralized finance (CeFi) lending platforms like BlockFi, the coin retraced from July 2023 peaks when it rallied to around $31,800.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Will September Be Tough For BTC Bulls?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">After an impressive performance in July, bears peeled back all gains in August. By the close of the month, Bitcoin was down roughly 20% from July 203 highs, with losses on August 17 triggering a scare across the board.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In his\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/intocryptoverse\/status\/51770533\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">analysis<\/span><\/a><span data-preserver-spaces=\"true\">, Cowen notes that the coin lost 11.31% in August, slightly lower than the average of the past two pre-halving years when the mean return that month when the coin shrunk by 11.71%. However, his projections for BTC look dimmer in September.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">\n<figure id=\"attachment_550457\" aria-describedby=\"caption-attachment-550457\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-550457\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?resize=1024%2C527\" alt=\"Bitcoin performance in August and September\" width=\"1024\" height=\"527\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=2640 2640w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-performance-in-August-and-September.jpeg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-550457\" class=\"wp-caption-text\">Bitcoin performance in August and September<\/figcaption><\/figure>\n<\/div>\n<p><span data-preserver-spaces=\"true\">The analyst, citing data, said prices tend to contract in all of September before halving. The average return stood at -17.29% in September before Bitcoin halved. Therefore, if the same holds and Bitcoin follows the same trend, the coin will likely dump to $21,400 by the end of this month.\u00a0<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/make-or-break-bitcoin-fate-hangs-on-the-edge-of-the-200-week-ema\/\" target=\"_blank\" rel=\"noopener \">Make Or Break: Bitcoin Fate Hangs On The Edge Of The 200-Week EMA<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">On the &#8220;brighter&#8221; side, if the performance of Bitcoin in September in the last two halvings is factored in, the average return was -5.66%, which means BTC, though bearish, could end up falling to around $24,400 by the end of the month. This assessment implies that if historical performance leads, BTC may edge even lower in the next few weeks.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Which Way For Bitcoin?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bitcoin supporters are bullish over the medium to long term. Despite the sharp dump on August 17, which pushed the coin to new H2 2023 lows at around $25,200, the slight recovery in the second half of August and the first week of September might anchor bulls&#8217; hopes. Bitcoin is not out of the woods just yet, looking at price action.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/matic\/polygon-foundation-refutes-claims-of-dumping-matic-on-binance\/\" target=\"_blank\" rel=\"noopener \">Polygon Foundation Refutes Claims Of Dumping MATIC On Binance \u2013 Here\u2019s What Happened<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">From the daily chart, BTC prices are inside the bear candlestick of August 17, the main anchor bar that defines the current price action. Besides, though prices are relatively higher, trading volumes are relatively low.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/1k5l1zVG\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/1k5l1zVG\/\" alt=\"Bitcoin price on September 7| Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price on September 7| Source: <a href=\"https:\/\/www.tradingview.com\/x\/1k5l1zVG\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">For a refreshing recovery, supporters are banking on the Securities and Exchange Commission (SEC) approving a spot Bitcoin Exchange-Traded Fund (ETF). This derivative product would allow institutions to gain exposure, channeling capital and potentially driving demand for BTC.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Benjamin Cowen, an analyst and founder of Into The Cryptoverse, thinks Bitcoin will likely maintain a downside trajectory in September ahead of next year&#8217;s halving. Pointing to the coin&#8217;s performance and comparing it to how Bitcoin has faired over the years, the analyst predicts doom for the world&#8217;s most valuable cryptocurrency. Bitcoin is trading at around $25,860 and has remained under pressure in the past few weeks after surging almost 60% from November 2022 lows, when the drop was accelerated by the collapse of FTX and the bankruptcy of several centralized finance (CeFi) lending platforms like BlockFi, the coin retraced from July 2023 peaks when it rallied to around $31,800.\u00a0 Will September Be Tough For BTC Bulls? After an impressive performance in July, bears peeled back all gains in August. By the close of the month, Bitcoin was down roughly 20% from July 203 highs, with losses on August 17 triggering a scare across the board. In his\u00a0analysis, Cowen notes that the coin lost 11.31% in August, slightly lower than the average of the past two pre-halving years when the mean return that month when the coin shrunk by 11.71%. However, his projections for BTC look dimmer in September.\u00a0 The analyst, citing data, said prices tend to contract in all of September before halving. The average return stood at -17.29% in September before Bitcoin halved. Therefore, if the same holds and Bitcoin follows the same trend, the coin will likely dump to $21,400 by the end of this month.\u00a0 Related Reading: Make Or Break: Bitcoin Fate Hangs On The Edge Of The 200-Week EMA On the &#8220;brighter&#8221; side, if the performance of Bitcoin in September in the last two halvings is factored in, the average return was -5.66%, which means BTC, though bearish, could end up falling to around $24,400 by the end of the month. This assessment implies that if historical performance leads, BTC may edge even lower in the next few weeks. Which Way For Bitcoin? Bitcoin supporters are bullish over the medium to long term. Despite the sharp dump on August 17, which pushed the coin to new H2 2023 lows at around $25,200, the slight recovery in the second half of August and the first week of September might anchor bulls&#8217; hopes. Bitcoin is not out of the woods just yet, looking at price action. Related Reading: Polygon Foundation Refutes Claims Of Dumping MATIC On Binance \u2013 Here\u2019s What Happened From the daily chart, BTC prices are inside the bear candlestick of August 17, the main anchor bar that defines the current price action. Besides, though prices are relatively higher, trading volumes are relatively low.\u00a0 For a refreshing recovery, supporters are banking on the Securities and Exchange Commission (SEC) approving a spot Bitcoin Exchange-Traded Fund (ETF). This derivative product would allow institutions to gain exposure, channeling capital and potentially driving demand for BTC. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":550456,"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":[428,532,8856],"class_list":["post-550455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-halving"],"acf":[],"yoast_head":"\n<title>Bitcoin Drop Before Halving Expected, Will It Get Worse In September?<\/title>\n<meta name=\"description\" content=\"Bitcoin drop in August and before halving was expected. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Drop Before Halving Expected, Will It Get Worse In September?","url":"http:\/\/wncen.com\/news\/bitcoin-drop-halving-get-worse-in-september\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-drop-halving-get-worse-in-september\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-news-Template36.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-news-Template36.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin halving"],"dateCreated":"2023-09-08T01:00:54Z","datePublished":"2023-09-08T01:00:54Z","dateModified":"2024-06-11T08:07:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Drop Before Halving Expected, Will It Get Worse In September?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drop-halving-get-worse-in-september\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drop-halving-get-worse-in-september\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-news-Template36.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-news-Template36.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin halving\"],\"dateCreated\":\"2023-09-08T01:00:54Z\",\"datePublished\":\"2023-09-08T01:00:54Z\",\"dateModified\":\"2024-06-11T08:07:02Z\"}<\/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\/Crypto-news-Template36.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550455"}],"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\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=550455"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/550456"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=550455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=550455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=550455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}