Peeling Crypto Market Potential In September, Still Negative?

JAKARTA - During August 2023, the crypto market experienced significant price fluctuations, especially the top tokens such as Bitcoin. BTC as the main character in the crypto space, has seen a price decline of 7 percent since early August.

There was also a decrease felt by the Ethereum (ETH) token of 11.4 percent, BNB down 10 percent, and also XRP which also experienced a price decline of up to 26.3% percent.

What's September's Crypto Potential?

According to Tokocrypto trader Fyqieh Fachrur, the crypto market in August will be closed negatively. Market participants are also still waiting and seeing or guessing the conditions around macroeconomics and the approval of Bitcoin ETF.

According to him, this negative sentiment occurs due to macroeconomic factors, where the majority of the country currently still has a contractive or hawkish view, and may experience the same thing in September.

However, there is the potential that price increases may occur in October, which applies not only to BTC, but also to Ethereum and BNB.

"The assumption that August and September are indeed a period of correction for the crypto market. Most likely, this pattern will repeat itself," Fyqieh said in a statement.

September Optimism

However, Fyqieh is still looking at September optimistically with the various sentiments that can encourage the movement of the crypto market and Bitcoin, one of which is the Securities and Exchange Commission (SEC).

The SEC will face its first deadline to decide on seven applications for the Bitcoin spot ETF in early September from Bitwise, BlackRock, VanEck, Fidelity, Invesco, Wisdomtree and Valkyrie.

"The presence of Bitcoin ETF can be a driving catalyst for the crypto market because it opens the door for investors who were previously reluctant or had difficulty entering the crypto market," he explained.

In addition, Fyqieh said that market participants expect a change in the Fed's interest rate policy at FOMC on September 19-20.

If the Fed decides to temporarily suspend interest rate hikes, it could trigger capital flows to assets with higher risk, and potentially affect the price of Bitcoin and other cryptocurrencies.

"But, the reality is that the Fed is still a negative influence. Given hawkish's ongoing stance across most central banks around the world, believes further pressure to decline for Bitcoin and stocks is likely to occur," Fyqieh warned.