Price of main cryptocurrency can fall to $54,000
According to experts from QCP Capital, the bearish trend for the main digital currencies will continue this month, and the value of BTC may fall to $54,000.
Analysts pointed to unsatisfactory data related to Bitcoin ETFs. Recently, these products have demonstrated weak results, and the Ethereum ETF market has recorded an outflow of funds almost all the time since its launch.
“Historically, September seasonality is bearish with six of the last seven Septembers in the red and with an average return of minus 4.5%, which would take us to around $55,000 if we see the same this month. This will take us to a price of about $54,000 per bitcoin,” noted analysts from QCP Capital.
Experts believe that the $54,000 mark will be key. If the price of the first crypto coin approaches this level, BTC volatility will be even more significant.
“Bitcoin ended August down 8.6%. We started the month with the ‘Bank of Japan crash’ and bitcoin was never able to recover above $65,000. Ethereum performance in August was significantly poorer, down 22.2% in August on the back of alleged selling by Jump Trading,” analysts noted.
QCP Capital does not expect a reversal of the bull market, as the most popular crypto assets will be in a state of declining quotes until next month.
Kaiko recorded a significant oversupply of BTC on the crypto market
It arose against the backdrop of a sell-off of government reserves and forced sales of funds from the collapsed crypto exchange MtGox. The Kaiko report says that one of the key reasons for the anxiety of BTC investors, which affects the value of the main digital coin, is the upcoming compensation for losses to MtGox creditors. It is also planned to distribute about 46 thousand BTC bitcoins worth more than $2 billion.
The bitcoin market is also affected by the liquidation of institutional portfolios. The American authorities and the German government previously arranged a sale of their BTC reserves. This factor must be taken into account when assessing the current market for the main cryptocurrency. As analysts noted, the supply on the bitcoin market currently significantly exceeds the current liquidity, which negatively affects the rate of the crypto asset.
