In a recent post, Scott Redler of T3 Trading Group said that if the bulls fail to hold $17,600, the price of Bitcoin could be on its way to $10,000. The largest cryptocurrency is trading at $19,747 at the time of writing and is struggling to regain its momentum.
"So many things to learn from the $BTC weekly chart. Lots of spots to adjust. So much opportunity. The next month here will be Very Interesting. I'll be on top of it. $ETH as well."
Redler claims that this September will be very “interesting” due to the large number of opportunities in the cryptocurrency market. As long as Bitcoin price stays below the $20,700 level, bearish pressure will continue to build. Bitcoin was the worst performing asset of August after its performance in July. The cryptocurrency took a hard hit last month after the US Federal Reserve dashed investors' hopes for a more cohesive monetary policy. Recently, Redler predicted that the Ethereum price could drop below $1,000 despite the Merge raise.
Many investors believe that Bitcoin will underperform this month. Historically, September has been a losing month for Bitcoin. The largest cryptocurrency has dropped an average of 6% in September since 2013. Bitcoin only managed to stay in the green in 2015 and 2016. In 2014 and 2019, the price of the flagship cryptocurrency fell by 19% and 13.4%, respectively. Meanwhile, the Fed appears to be on track to announce further rate hikes. Investors believe the central bank will raise rates by another 75 basis points this September to rein in inflation.
Bitstamp: Confidence Rate for Bitcoin Unaffected!
New research commissioned by cryptocurrency exchange Bitstamp has revealed trust rates for Bitcoin (BTC) and cryptocurrencies in general.
Bitstamp's report revealed that the current crypto winter has not had much impact on trust in Bitcoin (BTC) and cryptocurrencies in general. The Bitstamp report said that despite the market crashes, global confidence in cryptocurrencies overall has not been hurt. The exchange emphasized that the study was based on a survey conducted by an independent research firm and included 28,000 individual and institutional investors in 23 countries. While the percentage of individual investors who find cryptocurrencies reliable was 65% in the first quarter, this rate dropped to 61% in the second quarter. The survey pointed to a similar trend among institutional investors.