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3 Reasons Why Bitcoin Will Go Down in September

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We all keep asking ourselves the same question, why is Bitcoin going down? The price of Bitcoin (BTC) at the moment of writing this, is headed in a direction contrary to what we had all hoped for after the slight recovery due to a decline catalyzed be the Goldman Sachs fake news of September 5th. BTC looked like it had dipped for the last time on the 12th of September when it was valued at around $6,250. It would then briefly rally to $6,580 leading many to believe a bottom had been reached.

One such individual who believed this theory was the ex-fund manager and billionaire investor, Michael Novogratz, who tweeted the following:

I think we put in a low yesterday [12th September]. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble.

Why is Bitcoin going down?

Firstly, on the 16th and 17th of September, Bitcoin experienced its lowest trade volumes since November last year. Further checking coinmarketcap, we find that the 24-hour trade volume on these two days was valued between $3.1 Billion and $3.2 Billion rather than its usual levels above $3.5 Billion.

BTC low trade volumes on the 16th and 17th of September. Source, coinmarketcap.com

The low trade volumes are an indicator that there is reduced trading and interest in the digital asset of BTC. Less interest equals a bear market. The 24-hour trade volume today has since increased to $3.9 Billion and Bitcoin is currently trading at $6,278.

Secondly, there is an Mt. Gox creditors meeting on the 26th of September. We all know that the liquidation of the entire Bitcoin stash to pay creditors of the exchange could literally drop BTC to levels unseen in the last 2 years. The BTC held by the Mt. Gox trustee is in the thousands (over 170,000)  and given current market conditions, it could tank the market.

The announcement of the September 26th meeting was made as follows.

“Meeting for reporting the status of property and submission deadline for a report under Article 125 of the Civil Rehabilitation Act: September 26, 2018”

Therefore, whatever information that will be reported on this date, could impact an already volatile market in a negative manner.

Thirdly, and keeping in mind that the crypto-market is still volatile, the deadline for an SEC verdict on the CBOE sponsored Bitcoin ETF is the 30th of September. Using past SEC announcements and decisions, if the verdict will be postponed, they will announce it before the 30th. The other side of the picture is if there is a rejection of the proposed rule change through the ETF application. In the case of the latter, the SEC will announce a rejection on the 30th.

The possibility of the CBOE sponsored Bitcoin ETF getting approved by the SEC are slim. This is why we have only explored the two possibilities highlighted above. If the SEC would embark on either of the two paths, the crypto market will respond with a knee-jerk reaction that might include panic selling.

In conclusion, and not wanting to sound too pessimistic, the next two weeks are probably one of the most uncertain weeks in the history of the value of BTC. All indicators point towards a bear market, but a crypto miracle is also a possibility before the 30th.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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