Bitcoin In September ‘Seasonal Slog’: What Opportunities Should Traders Watch For?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
As Bitcoin investors brace themselves for a “seasonal slog” in September, New York Digital Investment Group (NYDIG) head of research Greg Cipolaro points to potential opportunities.
In a September 10th NYDIG market update, Cipolaro described the potential near-term catalysts for Bitcoin as “sparse,” as the leading cryptocurrency enters one of its toughest months.
Historically, September has been challenging for Bitcoin holders, with a mean loss of 5.9% over the 13 years since 2011.
Something Cipolaro credited as a likely recurrence, noting that Bitcoin “may be stuck in a seasonal slog.”
However, despite the prevailing negative sentiment, he expressed optimism, suggesting that September still holds some opportunities.
Cipolaro added that Bitcoin investors may only be able to look for a few catalysts external to crypto in the coming weeks, with a tight focus on particular macroeconomic developments.
Most catalysts have to do with macroeconomic data (inflation, unemployment, gross domestic product growth) or monetary decisions (Federal Open Market Committee interest rate decisions), and very few are crypto or Bitcoin-specific.
Most prominently, the approaching September 18th Federal Open Market Committee (FOMC) meeting to decide interest rates holds the most weight.
Following Fed Chair Jerome Powell’s comment that the “time has come” for the US Federal Reserve to cut interest rates, anticipation is high.
A 25 basis point cut is seen as the more favourable outcome, fostering long-term price appreciation for Bitcoin as the “jitters about a slowing US
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