Amid discussions of the typical September price decline for Bitcoin, many traders are dismissing these fears, citing factors in the larger economy as potentially stabilizing forces.

Ed Hindi, the chief investment officer at Tyr Capital, stated, “Although September has historically been a tough month for BTC, a Federal Reserve rate cut, coupled with a stable U.S. economy, might bring unexpected results for the bears.” He further emphasized, “We believe the chances of BTC finishing above $60K are greater than the chances of it falling below that mark.”

Currently, Bitcoin (BTC) is trading at $56,633, remaining below $60,000 since August 30, per data from CoinMarketCap.

While traders expect that a return to $60,000 is not imminent, it is important to note that such a move would liquidate over $584 million in short positions, according to data from CoinGlass.

Daan Crypto Trades, a crypto analyst, noted, “In September, the average return is about -4%. Given Bitcoin’s volatility, this isn’t as dire as it may seem.” Furthermore, analyses indicate that September has been historically unfavorable for Bitcoin, registering an average loss of 4.49%.

Daan emphasized the importance of analyzing Bitcoin’s long-term price trends, looking for signs such as “higher highs and higher lows,” which indicate a bullish trend where buyers are likely edging out sellers.

He elaborated, “For now, I would like to see BTC trading above $65K to demonstrate strength.”

This sentiment follows remarks from crypto analyst Matthew Hyland, who underscored the need for Bitcoin to establish similar pricing momentum after its drop below $58,000 on August 30. “We need to see a bounce back to confirm that we are continuing this uptrend that has been in place since August,” Hyland remarked in his analysis.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. All trading and investment activities carry risk, and it is crucial to conduct thorough research before making financial decisions.