U.Today – September has historically been a tough month for (BTC), with an average return of -6.18%. However, experts are questioning this assumption, citing several factors that could lead to a better-than-expected performance this month.
Billy Markus, co-founder of , echoed the sentiment of many investors when he posted the famous quote from rock band Green Day, “Wake me up when September is over,” in response to Bitcoin’s recent drop below the $59,000 level, and its subsequent decline to $57,128.
Despite the bearish sentiment, several factors suggest that Bitcoin could break above its historical average this September. First, large sales of the cryptocurrency by governments and institutions such as Germany, Mt. Gox, and Genesis have already occurred, reducing potential bearish pressure on the market.
Why else?
Additionally, long-term Bitcoin holders continue to accumulate the cryptocurrency, indicating a strong belief in its long-term potential. The number of inactive main wallets has also decreased, suggesting a lower likelihood of sudden sell-offs.
Another positive factor is the expectation of increased investment in Bitcoin ETFs. Possible inflows of up to $1.5 billion this month could provide a significant boost to the market.
While challenges such as potential Federal Reserve rate hikes and regulatory uncertainties remain, the overall outlook for Bitcoin in September looks brighter than in previous years.
As Billy Markus’ tweet suggests, many investors may be hoping for a quick end to September. However, the factors outlined above suggest that the first cryptocurrency may be set for a more positive month than in previous years.
This article was originally published on U.Today
