Crypto Trader Lark Davis Says Bitcoin Is Likely To Correct In Until September

Bitcoin is predicted to have a deep correction in September (Currency)

JAKARTA – Crypto trader Lark Davis predicts Bitcoin (BTC) will experience a deep correction until September. Davis has uploaded the possibility in his latest video. He looked at Bitcoin's history from several years ago in September which often formed a red candle.

“Many times we get a corrective period in September. Last September, what happened? We have a red candle, so during September, we saw Bitcoin price drop 18%…” Davis said as quoted by DailyHodl.

“What happened the year before? We saw Bitcoin price drop by 27%. Let's go back to 2018. What happened in 2018? We saw Bitcoin price drop 16%. Let's go back to 2017 – mid bull run, couldn't be more bullish everything mega, mega exciting, everybody went to the moon, everybody was a genius and got rich – Bitcoin corrected by 40% in September,” added Davis.

In addition, he also explained what happened to BTC in September 2013 which decreased by 13 percent before skyrocketing to high prices two months later. Davis suggested that BTC could form the next “double bubble, double pump” bull cycle as happened in 2013.

“What we need to have such a catalyst to see this kind of explosive frenzy is something like an approved Bitcoin ETF (exchange-traded fund) that will happen sooner rather than later. Unfortunately, it will probably be a futures-backed Bitcoin ETF, which is rubbish, but the market will probably still react fairly well to it.”

Some time ago, a popular crypto analyst who used the pseudonym Capo alluded to a period of Bitcoin bearish correction that plunged to the price of 40 thousand US dollars in September. That was before BTC rocketed to an all-time high (ATH).

“Expected a lower dead cat bounce to bounce from here, but then drop further to $37,000-$40,000, which would be a very good buying opportunity long term. A new ATH (all-time high) is coming this year,” said Capo.