Bitcoin is trading flat this Wednesday, near $ 10,000, after the setbacks of the last few days, when the cryptocurrency has embarked on a correction / consolidation move after touching $ 12,000 and to close a record August. However, experts do not stop warning that the bearish sentiment will continue throughout the month of September, which is historically negative for the creation of Satoshi Nakamoto.
In fact, in their August report, Cryptocurrency exchange Kraken predicts excessively negative returns for cryptocurrency. The report notes that the ninth month of the year is bitcoin’s worst performing month, with an average return of -7%. He points out that as ‘crypto’ has underperformed most of the months in 2020, this month’s performance is likely to be even worse than usual.
Despite the short-term bearish outlook, the report identifies some glimmers of hope, including that a Record share of bitcoin supply hasn’t moved in over 12 months on the platform and that “historically, this dynamic has heralded a new bull market.”
The report adds that the crypto currency is likely to see aggressive fluctuations in the coming weeks and volatility will not take off “until the fourth quarter.”