Bitcoin Price Could Drop In September, Benjamin Cowen Says

According to renowned crypto analyst Benjamin Cowen, Bitcoin (BTC) may experience a significant market correction in September, as per its historical trends. Check out more details about this below.

Cowen, who has 762,500 followers on the social media platform X, suggested that Bitcoin’s value could decrease by over 16% from its present worth next month.

He predicts that there is a high likelihood of Bitcoin dropping to the price level of $23,000 in September, based on his chart analysis. Cowen believes that this drop may occur as Bitcoin revisits the $23,000 price mark for support.

At the time of writing, Bitcoin is trading for $27,427, up over 5% in the last 24 hours.

According to Cowen, September tends to be a bearish month for Bitcoin in terms of average returns. In September 2019, which was the most recent pre-halving year, Bitcoin experienced significant losses.

This September also falls in another pre-halving year, so Cowen predicts that Bitcoin’s average return for September will be -7%, with a drop of 13.91% like in 2019.

However, Cowen also believes that Bitcoin’s price could still be volatile and could potentially bounce and print lower highs amid the overall downward trend, as seen in September 2019.

It’s important to note that the path to this outcome is a stochastic process, and we could potentially see a lower high before Bitcoin hits $23,000.

According to Bloomberg Intelligence’s senior macro strategist Mike McGlone, Bitcoin’s resurgence is dependent on a crash in risk assets such as stocks.

In an interview with crypto trader Scott Melker, McGlone stated that Bitcoin is unlikely to gain momentum unless the U.S. Federal Reserve increases money circulation.

He noted that Bitcoin tends to perform better when liquidity is high, but underperforms when liquidity is low, as evidenced by its comparison to the Nasdaq index.

Check out our previous article in order to learn more details about this.