On September 7, 2024, Bitcoin and other major cryptocurrencies experienced a significant price drop and have been falling continuously. Amid this market downturn, a crypto expert recently shared a post on X (formerly Twitter) highlighting how market corrections often occur in September before prices skyrocket in October.
In a post on X, the expert noted, “You don’t get a good October without a bad September.”
Best Time to Buy Bitcoin Report
CoinGlass’ monthly Bitcoin returns show that September is a bearish month with BTC experiencing a massive price drop or correction before a major price rally in October. In the past five years, September has been bearish for Bitcoin four times, while October has seen a price rally with a 100% success rate.
This data suggests that now is the perfect time to buy Bitcoin before October begins. So far this month, BTC has lost 8.3% of its value.
Bitcoin Technical Analysis
According to expert technical analysis, Bitcoin is near a crucial support level of $53,000. It has reached this level four times since July 2024 and each time there was significant buying pressure.
Based on the historical price momentum, there is a high probability that BTC price will recover and rise towards the $67,000 level. However, if BTC fails to hold this level, it may drop towards the $47,500 level or even lower.
Mixed sentiment from on-chain statistics
In addition to this technical analysis, CoinGlass’ BTC Long/Short Ratio is a sentiment indicator that highlights traders’ views and market sentiment. Currently, this ratio stands at around 0.965, indicating bearish sentiment. Additionally, the data also shows that nearly 51% of top traders hold short positions, while 49% hold long positions.
However, on Binance, 78.05% of top traders currently hold long positions, while only 21.95% hold short positions. This indicates that traders on Binance view the current market sentiment as a buying opportunity and may be building their position for next month.
Current Price Momentum
At the time of going to press, BTC is trading around the $53,500 level and has experienced a price drop of over 4.5% in the past 24 hours. Meanwhile, the trading volume has increased by 50% in the same period, indicating higher participation from traders amid the recent price crash.
