The analyst noted that Bitcoin’s return in August was -11.31%, which closely aligns with the average of the last two pre-halving years, standing at -11.71%. Looking at the historical data, he found that the average return for in all prior Septembers during pre-halving years was -17.29%, with an average price of $21,400.
However, considering only the most recent two Septembers, the losses appeared less pronounced, at -5.66%, with an average price of $24,400. Another interesting side is that in 10 years, Bitcoin has shown profitability only two times in September — in 2015 and 2016.
It is important to consider the limitations of the data. The sample size of pre-halving periods is relatively small, making it challenging to predict with certainty whether the negative trends observed in August will persist. On the other hand, has again shown bearish trends since the start of this September, adding to the uncertainty surrounding its future performance.
As Bitcoin approaches its next halving, questions about its price trajectory remain.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
