- Bitcoin has witnessed low single-digit rises and falls in the month.
- In 2013 and 2017, Bitcoin plummeted 84% from its prior all-time high.
- The DXY Index price behavior might support a Bitcoin rise back to $26,000.
The ramifications of the September trend have been reasonably apparent in Bitcoin. According to data, the digital asset has only witnessed low single-digit rises for the month.Â
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At this time, the cryptocurrency has gained 3 percent, but with the price continuing to fall, it is probable that bitcoin may go below this level. However, according to our analysis, the Current bear market is way less heavy than previous ones.
Bitcoin fell 84% from its previous all-time high in the bear markets of 2013 and 2017, and 93% in 2011. This might indicate that the BTC bear market is weakening or that the cryptocurrency will see another leg down.
Furthermore, a researcher observed that Bitcoin has been trading 316 days below its all-time high. In prior years, the cryptocurrency was able to reach a bottom 312 days after falling from its ATH. In this regard, the analyst came to the following conclusion:
The duration of 316 days in the current bear market so far is between 2011 and 2013 + 2017. Either, we bottom soon-ish or this time is different. The average duration from top-to-bottom is very interesting as well. The average is 312 days, which is where Bitcoin is right now.
In that regard, a return to the September lows might allow the cryptocurrency market to prolong its current positive price action in the coming weeks which is in contrast with other cryptocurrency pairs.
The DXY Index price behavior, according to expert Justin Bennett, might support a Bitcoin rise back to $26,000. Bitcoin is now narrowly holding over $19,000 but is facing considerable opposition. Over the last week, BTC dominance has increased, which might lead to a surge in value.Â
Even yet, it seems improbable that bitcoin will end the month with more than single-digit increases, if at all.
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