Michael Van de Poppe: Credit Bitcoin Sistemi
Bitcoin, the primary crypto asset, has been underwhelming this month of September and crypto analysts believe it is a good month to stock up on BTC.
Bitcoin has dropped below $60,000 and is currently trading at $56,689 at the time of this report.
September has historically been a bad month for Bitcoin based on its performance history, however, these analysts believe September presents a prime buying opportunity for Bitcoin.
Analysts React to Bitcoin Performance
At $56,689 Bitcoin has dropped below its $60,000 support level by almost $4,000 as the asset remains stuck in Red for most parts of the new month.
However, analysts believe the dip creates a buying opportunity and a quiet market often signals an impending rally.
Michael Van de Poppe, a respected crypto analyst, believes in this theory and reacted to Bitcoin’s price dip.
“Dull market, which is usually the end stage before the party begins. Regarding price action on BTC: You’d need to get a breakout above $61K to get the momentum back in the markets, otherwise, we continue to have this downward trend for a while,” Van de Poppe said.
Corroborating with the above theory, Greek Live Analysts reported increased long positions on Bitcoin which is a common indicator of Bullish sentiment amongst crypto whales who are taking advantage of the dip.
QCP Capital researchers revealed a recurring trend with Bitcoin, Crypto, Gold, and Bonds. Their research revealed that September tends to be bearish for the above assets. September dip is always followed by an October bull run. Bitcoin despite being bearish in September has been bullish eight out of the last nine October making investors an average of 22.9% return across this period.
Whale Activity
Various crypto whales are buying the dip as revealed by Blockchain analytics firm Lookonchain.
A crypto whale bought $19 million worth of Bitcoin while another withdrew 1100 Bitcoin from Binance.
In a stunning move, a certain crypto whale acquired 2,322.37 BTC, valued at $136 million. The whale now holds 8,881 Bitcoin, worth $523 million.
Crypto whales are investors with a large number of crypto assets in their wallets whose onchain activity has the power to affect the price of the crypto assets they are holding.