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Will Bitcoin (BTC) Price Hit New Lows In September ? Heres EVERYTHING YOU CAN GET

Currently, Bitcoin is on a bumpy ride because the worlds first cryptocurrency has been switching between $19,000 and $20,000 price area. Even the final weeks price action wasnt as eye-catching because so many of the times the currency was on a red candle.

During publication, Bitcoin is selling at $19,711 following a fall of 2.61% during the last 24hrs. Currently, the flagship currencys troubled days might not find their end any time in the future.

Although market has reversed its stance, crypto experts and strategists have given their predictions predicated on their analysis.

Among such analysts, CryptoQuant author, Maartunn claims that the large transactions that occurred recently may have affected the marketplace. This sort of scenario often results in the purchase price decline.

According to Maartunn the movement from here’s unpredictable but definitely not a bullish run and he also says he isn’t sure if you will see a guaranteed downfall or simply consolidation like May.

Bitcoin Price To Surge?

On the other hand, Gert van Lagen, a technical expert, indicates a confident head and shoulder pattern on Bitcoins chart that suggests an upward movement for the currency.

However, some of the market participants weren’t and only this prediction. Meanwhile, several on-chain metrics support Lagens statement.

Whatever the negative price movements, BTC addresses with non-zero balances demonstrated a frequent increase in the last couple of months. This suggests greater investor faith and rely upon bitcoin along the way.

Although some metrics supported the chance of a bull market soon, others suggested cooler times ahead for the largest cryptocurrency on earth. During publication, the way to obtain Bitcoin in the losing position was on the right track to once more reach its three-month high.

In the beginning of the month although number declined, with the bear market there is a reversal in the figure.

The MVRV share for Bitcoin was also significantly less than 1, which typically denotes a bear market. The MVRV ratio, however, recorded lower lows compared to the present situation in the last couple of months, so considering the historical data, another drop in value is viable.

It really is challenging to create reliable predictions about Bitcoins future days and how does it hold because of the wide variety of opinions within the cryptocurrency world, inconsistent metrics readings, and the unpredictable nature of the crypto market.

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