Bitcoin Traders Remain Optimistic Despite September Trends

The chief investment officer of Tyr Capital believes that Bitcoin is more likely to end September above $60,000 than below that mark.

Despite historical patterns hinting at a typical decline in Bitcoin’s price during September, some traders are choosing to overlook this trend. The broader macroeconomic environment could also play a significant role in shaping market dynamics.

Ed Hindi, the chief investment officer of Tyr Capital, stated, “Although September is generally viewed as a poor month for BTC, a Federal Reserve rate cut alongside a stabilizing US economy could catch the bears off guard.” He further expressed, “We are more inclined to believe that BTC will close above $60,000 as opposed to settling below it.”

As of now, Bitcoin (BTC) is trading at approximately $56,633, having not managed to break the $60,000 threshold since August 30, according to CoinMarketCap.

Future traders do not foresee a rapid recovery to the $60,000 mark. However, should Bitcoin revert to that price point, it would liquidate more than $584 million in short positions, as reported by CoinGlass.

Furthermore, trader Daan Crypto Trades noted that historically, September tends to reflect an average loss of about 4% for Bitcoin. He added, “Considering Bitcoin’s inherent volatility, this isn’t as dire as many might think.”

According to CoinGlass, September has been identified as the most challenging month for Bitcoin over the last 11 years, with an average decline of approximately 4.49%.

Daan emphasized the importance of observing Bitcoin’s longer-term price movements to identify “higher highs and higher lows,” a bullish indicator suggesting a stronger buying presence over selling pressure.

“I am mainly anticipating a transition toward a bullish market structure for BTC,” he clarified. “For now, I would like to see BTC trading above $65,000 to signal genuine strength.”

This discussion follows remarks by analyst Matthew Hyland, who stressed the necessity for an upward price momentum after Bitcoin dipped below $58,000 on August 30. He asserted, “It is crucial to see a bounce and establish a higher high to confirm we are continuing in the upward trend since August.”

Disclaimer: This content is for informational purposes only and does not constitute investment advice. All trading and investment carry risks, and individuals should carry out their own due diligence prior to making investment decisions.