Bitcoin In September 2024: Any Potential Increase Or Correction?

Illustration of Bitcoin (photo: Unsplash)

JAKARTA - After closing August with a decrease of 8.6 percent. Based on CoinMarketCap, on Thursday, September 5, it was still perched at the level of 57,156 US dollars or around Rp.883 million.

According to Tokocrypto Trader Fyqieh Fachrur, from 2013 to 2022, September has often been a challenge for Bitcoin, with the average monthly decline ranging from 6-8 percent.

One striking example occurred in September 2022, when the price of Bitcoin slumped more than 10 percent in a month. However, this historical pattern came as a surprise in September 2023, where Bitcoin actually recorded an increase of about 5 percent.

According to him, this indicates that although history tends to bearish, changing market dynamics still opens up opportunities for Bitcoin to continue its positive trend in September 2024.

Fyqieh also admitted that optimism for the potential increase in Bitcoin in September 2024 was supported by several important factors, such as increasing institutional adoption and increasing the flow of Bitcoin spot ETF funds in the United States.

"The more large companies and institutional investors are interested in BTC as an investment asset, providing support for prices," Fyqieh said in his statement.

Fyqieh added another external factor that could affect Bitcoin price movements is the monetary policy of the US Fed. Speculation about the Fed's possible cut in interest rates has become a potential catalyst for rising Bitcoin prices.

However, he added, despite opportunities to continue the positive trend, market volatility remains a significant risk. Especially global economic uncertainty, especially monetary policy and events such as the recent crypto Ponzi scandal.

"This pressure can push prices back to lower support levels, perhaps towards $55,000 or even US$53,000 if market sentiment worsens," he explained.