Explore how recent price increases have led to revised predictions for Bitcoin and Ethereum, amidst historical trends in the challenging month of September.
Many have revised their price predictions for Bitcoin and Ethereum in light of yesterday’s increase. Even if several had already issued warnings that a subsequent sharp decrease in the near future was improbable, pessimism actually predominated up until yesterday. However, it’s important to keep in mind that September hasn’t always been a particularly good month historically.
Performance history of ETH and BTC
The years immediately following the post-bubble bear markets should serve as the primary point of comparison in September.
Three Bitcoin halves have taken place so far, in 2013, 2017, and 2021, all of which were immediately followed by enormous speculative bubbles. In each case, the bubble burst the following year (2014, 2018, and 2022), ushering in a protracted bear market.
It is therefore convenient to use 2015 and 2019 as a reference for 2023.
While September 2019 saw a modest price decrease, September 2015 was relatively steady.
The price of Bitcoin and Ethereum for the upcoming month does not appear to be looking very promising based on these two pasts.
Other years have also not had a great month of September. With the exception of the bubble years, 2020 saw a decline, while neither 2018 nor 2016 saw any significant movements.
It is safe to anticipate a stable September at this stage.
It is important to note that historically July has had the lowest volatility, and July 2023 was no different in this regard. Instead, August often sees a slight rise in volatility, and this is exactly what happened this year as well.
The most recent Bitcoin and Ethereum price predictions from Bitget
One of the pivotal dates could be September 21, when the Fed announces its new decision on interest rates, according to Gracy Chen of Bitget.
Markets believed there would be no additional hikes in September until a few days ago, and they had already discounted this belief.
The chance of a further increase has, however, slightly increased recently and is, in any event, anticipated by November. Even though it’s still doubtful, the markets might have a negative reaction if the Fed chose this particular course of action.
It is plausible that the markets are off, as Federal Reserve Chairman Jerome Powell stated on August 10 that additional rate increases are probable.
According to Chen, unless there is big news in the financial markets, the price of Bitcoin could retest the June low at $24,800 in September. However, he anticipates a rebound following that, with $27,500, $28,000, and $29,000 serving as important milestones to watch.
In contrast to Bitcoin, Ethereum seems to be considerably weaker than BTC given how quickly Bitcoin is gaining market share. Chen believes that Ethereum may offer a higher value proposition in the long run.
Because there isn’t much demand for ETH right now, he estimates that the price will fluctuate in September between $1,550 and $1,850. Ethereum might try to cross $2,100 if Bitcoin successfully surpasses $29,000, though.
Other forecasts
Many people do not believe that Bitcoin and Ethereum values will reach new 2023 highs in September, in part because September has historically not been a particularly good month.
In fact, there are a number of predictions in circulation that suggest there may even be a decline below $24,800, possibly even to $22,000.
If we ignore the extremes, the belief that the current period of lateralization will continue, with oscillations between $25,000 and $30,000, in line with what occurred in August, is the one that is now circulating the most.
But we shouldn’t forget that Bitcoin has trained us to frequently ignore predictions and surprise everyone just when there are strong and convergent beliefs about a certain trend.
