Bitcoin, the world’s largest cryptocurrency, is facing a turbulent September as market analysts predict a significant price correction. Renowned crypto analyst Doctor Profit has shared insights into Bitcoin’s behavior, highlighting its struggle to break past the $116K resistance amid increased seller pressure.
The Current Market Landscape
Bitcoin recently dropped to $115,193, marking a nearly 3% fall from its previous high of $118K. According to Doctor Profit, this dip aligns with his earlier predictions, with markets behaving exactly as expected. The $116K resistance zone is proving to be a critical challenge; sellers consistently gain control each time the cryptocurrency nears this mark.
This resistance level is crucial. Should Bitcoin break through, it could spark a bullish rally. Conversely, failure to surpass it might allow bearish forces to dominate, potentially driving prices lower in the weeks ahead.
Doctor Profit’s Strategy for September
Doctor Profit believes September could turn into a “very red month” for Bitcoin, warning of a potential 8% price range correction. Historical data supports this outlook, as Bitcoin has closed with losses in 8 out of the last 12 Septembers, averaging a -3.77% return for the month.
The analyst recommends a trading strategy focused on shorting Bitcoin during peaks and reaccumulating as prices drop. Selling now and reinvesting after the correction may also offer an opportunity to maximize holdings.
Market Influencers to Watch
This week, several major U.S. events could impact Bitcoin’s price movement. Key events include:
- The Trump-Zelensky meeting
- FOMC (Federal Open Market Committee) minutes
- U.S. jobless claims data
- Federal Reserve Chair Jerome Powell’s speech
All of these could either accelerate or delay the anticipated correction, making it important to monitor the global financial landscape closely.
Boost Your Crypto Investments with Helpful Tools
For those looking to dive deeper into the crypto market and make informed decisions, consider using the Ledger Nano X Wallet. This hardware wallet offers top-notch security for storing Bitcoin and other cryptocurrencies, ensuring your investments are safe during volatile times.
Overall, Bitcoin’s current tight range between $115K and $116K represents the “calm before the storm.” As September unfolds, staying informed and strategically planning trades will be key to navigating the month successfully.
