Bitcoin The price fell below $20,000 and Ethereum fell below $1,500.Global Market Cap Drops Below $1 Trillion, Possibly Decreased by More Than 6.5% as a Result of Fed Chair Jerome Powell speech recently at the Jackson Hole conference.
In his speech, Powell made it clear that the central bank will use all its tools very effectively to keep inflation at a 40-year high. He also said that interest rate hikes could probably last for a long time and he expects the central bank to keep raising rates.
Shortly after his speech, the S&P 500 fell an average of 500 points, its worst since mid-June. Meanwhile, the price of Bitcoin is down nearly 9% from yesterday’s highs, and he’s hitting a low of $19,920 at the time of writing. While his bearish September is on the card, more bearish sentiment is swirling and could mark new lows for the popular asset.
History shows that September was the weakest month since 2013, with the exception of a couple of years in 2015 and 2016. However, this year’s trends are slightly more diversified than in previous years. I’m here.
Bitcoin (BTC) price could plummet in September
Due to the recent crash of BTC Price We are testing the 2015 trend line again, but may not expect a strong rebound as before. Previously, when the asset tested its trendline in 2015 and 2020, the bull market surged and created extreme buying pressure that prevented the asset from falling significantly.
So those who believe in a healthier rebound may have to wait as strong demand has not been recorded this time around. Future monthly closes may have more impact as lows are likely to be reached. However, October has been significantly higher and bullish for the most part.
So, after a bloody September, Bitcoin (BTC) price is expected to tweak with double-digit gains in October.