• Bitcoin’s historical performance in September has typically been bearish.
• Recent price drops have amplified fear and uncertainty.
• Some speculate that BlackRock is driving down prices to acquire coins on the cheap in preparation for a spot ETF.
Bitcoin’s Historically Bearish Performance
Bitcoin’s recent price drop to a 10-week low in August has caused concern within the crypto market, with fears of further drawdowns ahead as September historically has been a bearish period for BTC. Analysis indicates that since 2013, just two out of the last ten Septembers saw gains, while the other eight witnessed losses ranging from -1.76% to -19.01%.
Fear and Uncertainty
The Crypto Fear & Greed Index currently stands at 37, indicating fearful sentiment amongst traders and investors alike. This sense of unease is compounded by growing speculation that BlackRock may be deliberately driving down prices to acquire coins on the cheap in preparation for a spot ETF application made back in June.
YouTuber Crypto Rover posited that BlackRock may be behind the recent price drops, which could allow them to secure Bitcoin at lower prices before their ETF goes live. However, this theory remains unsubstantiated and opinion is divided on whether or not it holds any water.
October Could Bring Relief
Despite current feelings of uncertainty, some view October as potentially offering relief as it is historically BTC’s best performing month according to analysis by Daan Crypto Trades who shared his findings with his near 350k followers on Twitter.
The current market climate is one of fear and doubt but there remains hope that October may bring respite from what appears set up to be another turbulent month for Bitcoin holders come September .