Bitcoin ends August down, how will it perform in September?

The month ends with a sharp drop in the price of , from $27,300 to $25,970 in less than 24 hours. The bullish phase of the last few days therefore seems to be over, at least for the moment. So what happened this week and what to expect for the month of September?

The impact of the SEC on the value of Bitcoin
We saw Bitcoin rally stronger on Tuesday, August 29, after the announcement of Grayscale’s legal victory against the SEC. Most notably, the federal appeals court ruled that the SEC’s decision to deny Grayscale’s Bitcoin ETF was arbitrary and lacked concrete arguments. Following this small victory, the BTC went from $26,100 to $28,100, an increase of more than 7%.

BTC then stabilized for two days around $27,300, awaiting the long-awaited SEC decision on Bitcoin ETF applications from traditional finance giants like Blackrock.

Unsurprisingly, the SEC postponed its decision on Bitcoin ETFs and Bitcoin therefore fell again, returning to its last low, around $26,000.

Source: Coinmarketcap

Forecast for the month of September
Historically, Bitcoin is rarely in an uptrend in the month of September, as shown in the chart below. Having suffered a sharp drop in August, we can therefore expect either a more stable month around $26,000, or another drop, but probably less impactful than the one suffered in August.

Source: Coinglass

Rekt Capital, a crypto analyst, shared his predictions for September on Twitter (NYSE:). “I think we should expect a drop between 7 and 10% for the month of September. If we take the current value, we would therefore arrive at around $24,000 – $23,000.”

In a recent interview, Gracy Chen, Managing Director of Bitget, states that a drop to the $24,800 threshold could occur, unless significant factors intervene in the market. Then, a rebound at the key levels is to be watched, namely $27,500, $28,000 and $29,000.

According to the Fear and Greed Index, the market sentiment tends more towards “fear” and seems to confirm the previous forecasts, which see Bitcoin falling in the coming weeks.