The Bitcoin (BTC) market has witnessed major price changes over the past week. The king coin went from a high of $60,000 to a low of $52,714. Just a week into September, the asset has dropped by nearly 7%.
This isn’t surprising as BTC has witnessed more falls than upticks in September over the past couple of years. According to CryptoRank, the average price change of Bitcoin change in September remains at a negative 6%.
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Bitcoin Price Analysis and Predictions
Current Market Performance
Looking at the above chart, it might be difficult for the asset to reach the $60,000 mark this month. BTC was trading at $55,281.35 at press time, following a 1.65% increase over the past 24 hours. A cryptocurrency analyst by Rekt Capital highlighted that Bitcoin is in a halving year. The expert said,
“So it makes most sense to compare 2024 with previous Halving years. In the previous Halving years (2016 & 2020), Bitcoin enjoyed three straight months of upside across October, November, and December.”
Future Predictions
However, an analysis by Changelly revealed that Bitcoin will witness a bullish upswing. Bitcoin is expected to surge to a high of $70,749.82 this month. While it could be challenging considering its history, things could change for the king coin.
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Large Bitcoin Holders On An Accumulation Spree
According to IntoTheBlock, addresses with substantial Bitcoin presently own 20.3% of the total circulating supply, or 4.01 million BTC. These addresses have a capacity of 100–1,000 BTC. This is a 5% increase compared to 3.82 million BTC six months earlier. This further indicates increased accumulation by these large holders.
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