In the past summer of 2023, the bitcoin exchange rate fell by 5%, to $25.9 thousand. At the same time, in mid-June, the cryptocurrency experienced a collapse in quotations to $24.8 thousand, and a month later they reached $31.8 thousand. By the end of August, the price of the asset returned to its previous level of about $26 thousand, where it remained in September, despite a temporary surge to $28 thousand, writes RBC Crypto.
To continue the recovery of the price, it is necessary to overcome the resistance level of $26.8 thousand, Vladislav Antonov, a financial analyst at BitRiver, noted. He added that the excess of $28.5 thousand will be a signal for the beginning of growth to $34 thousand.
“In September, we are unlikely to expect strong trend movements in cryptocurrency”
One of the key events in September, Antonov called the meeting of the US Federal Reserve on the rate (September 20). According to CME Group, the probability of keeping the rate at the level of 5.50% per annum is 78.5%. Earlier, Fed Chairman Jerome Powell said at Jackson Hole that the central bank is ready to raise interest rates if necessary, taking into account economic data to determine the next increase. This reinforced fears of further tightening of monetary policy. Powell also stressed that strong economic growth and tight labor markets could lead to tighter monetary policy going forward.
Rumors about the launch of spot bitcoin ETFs in September, against the backdrop of Grayscale’s victory in the SEC court on the issue of converting their trust into a bitcoin ETF, may stir up investor interest in the digital asset market, added Viktor Pershikov, an analyst at the cryptocurrency market. According to him, even if the regulator does not approve the creation of such funds in September, speculation on this topic will support the cryptocurrency market.
“September will be boring for the crypto market”
In the coming month, the market may take the side of buyers, said Artem Deev. Analysts’ forecasts came true, and the closing of the first half of the year passed just around $30,000, and since halving is expected in the spring of 2024, as we approach this milestone, bitcoin will rise in price, the specialist is sure.
He suggested that by the end of this year, the price of the first cryptocurrency will reach $35,000, but no more. At the moment, there are not enough growth factors, but the situation may change as early as November, Deev concluded. The senior analyst of BestChange.ru Nikita Zuborev also expects scanty events for the September market.
According to the analyst, projects with PoS consensus may feel a little worse than the rest of the market, due to the negative background that the constant SEC investigations create. Despite the as yet unproven facts of investigations against each individual project, there is a risk of investigations against the largest of them, and this will hit the project’s reputation badly and provoke a chain reaction of asset exits. Investors will be cautious about PoS projects in the near future, the expert warned.
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