September May Be Cruelest Month For Bitcoin, Ethereum, Analyst Says: Do Dogecoin, Shiba Inu, Pepe Coin Stand To Gain?

September May Be Cruelest Month For Bitcoin, Ethereum, Analyst Says: Do Dogecoin, Shiba Inu, Pepe Coin Stand To Gain?

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Closely followed crypto analyst Benjamin Cowen raised concerns about the potential decline of Bitcoin BTC/USD and Ethereum ETH/USD in September.

Drawing on historical data and patterns, Cowen presented a cautionary outlook for the two leading cryptocurrencies.

Key Points From Cowen’s Analysis Include:

1. Historical Trends Point To A Decline: Cowen highlighted that there is a “good chance” Bitcoin could plummet to $23,000 in September.

He further noted the average return for Bitcoin in September has historically been a negative 7.0%.

2. Pre-Halving Year Patterns: Drawing parallels to 2019, which was the last pre-halving year, Bitcoin experienced a significant drop of 13.91%.

3. When comparing Bitcoin’s performance in 2023 to the average of 2015 and 2019, Cowen predicted a similar “lower low” in September, which aligns with the $23,000 mark.

Check out Bitcoin’s price action on Binance today. And, for deeper insights into the evolving world of digital assets, consider attending Benzinga’s Future of Digital Assets conference.

4. Ethereum’s Performance As An Indicator: Ethereum often considered a leading indicator for Bitcoin, has already shown signs of weakness by putting in a “lower low.”

5. Cowen suggested assets slightly riskier than Bitcoin, like Ethereum, could often provide insights into Bitcoin’s future movements.

6. Unpredictable Market Movements: While Cowen presented a bearish outlook for September, he also emphasized the unpredictable nature of the crypto market.

7. Citing 2019 as an example, he mentioned Bitcoin initially saw an uptick in September before facing a decline towards the end of the month.

He suggested that a similar pattern could emerge this year, with Bitcoin facing a “lower high” before potentially dropping to the $23,000 mark.

Also Read: How Lufthansa Is Using NFTs To Reward Passengers

8. No Guarantees In The Crypto Market: Cowen reminded his followers that nothing is certain in the volatile world of cryptocurrencies.

9. A Year of Ups and Downs: Echoing a sentiment he has held throughout the year, Cowen stated, “In pre-halving years, both BTC bulls and bears get rekt,” indicating that both optimistic and pessimistic traders can face significant losses.

10. Despite the potential decline in Bitcoin and Ethereum, it’s worth noting that other cryptocurrencies such as Dogecoin DOGE/USD, Shiba Inu SHIB/USD and Pepe Coin PEPE/USD may remain unaffected.

These altcoins often follow independent trajectories and can exhibit resilience or volatility irrespective of Bitcoin and Ethereum’s market movements.

Read Next: 10 Crypto Ideas From Coinbase CEO Brian Armstrong: ‘Bear Markets Are For Building’

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