{"id":57070,"date":"2019-10-03T10:05:46","date_gmt":"2019-10-03T08:05:46","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=57070"},"modified":"2019-10-03T10:10:04","modified_gmt":"2019-10-03T08:10:04","slug":"bitcoin-price","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price\/","title":{"rendered":"Bitcoin Price Shed 13% in September: What Will October Bring?"},"content":{"rendered":"

Bitcoin Price Pain to Continue<\/strong><\/h2>\n

Bitcoin<\/a> (BTC) saw a spectacular run-up earlier this year, surging from a low of $3,150 to $14,000 from December to June, but bears are currently in control. Since late-June, when the cryptocurrency topped $14,000, bulls have had an extensive hangover, marked by weak performances in July, August, and now September. In fact, in September alone, the Bitcoin price fell by 13%, collapsing from $9,600 to $8,300 (open to close price).<\/p>\n

Although analysts are expecting for BTC to soon rebound, a momentum analysis published<\/a> by Timothy Peterson of Cane Island Alternative Advisors has shown that this is unlikely to occur.<\/p>\n

As seen below, Peterson quipped that he would be cautious about being long on Bitcoin in October. He noted that whenever August and September were negative for BTC historically, “October has ALWAYS been negative [due to] a momentum effect.” Indeed, as he shows below, two months of consistent losses in August and September have always<\/em> seen October fare poorly; the extent of the monthly declines varied, but the trend has always been there.<\/p>\n

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September kept its reputation as a horrible month for #bitcoin<\/a> (see my tweet on Sept 2nd https:\/\/t.co\/PG1giFERQR<\/a>). I would be cautious about October. When August & September are negative, October has ALWAYS been negative (a momentum effect). pic.twitter.com\/sG2JKTXZIt<\/a><\/p>\n

— Timothy Peterson (@nsquaredcrypto) October 1, 2019<\/a><\/p><\/blockquote>\n