The world of Cryptocurrency has been in the growth stage over the past years. However, this only month has been challenging for the Crypto market, and that month is September. Okay, you might wonder how the Crypto market is doing in September 2023! Hold your horses because we are ready to give you insights on the latest update of the digital assets. But first, let’s get a quick review of the September impact on Crypto.
Throughout history, September has been considered a bad time for trading, whether that is in Crypto or the share market. If you want to know about the reasons for that, click here.
As this month has only started, investors have still witnessed price fluctuations, sharp declines, and volatility. Here are the details.
Market Forecast of September 2023:
As September has just started, bitcoin is struggling, and it feels below the critical support level of approximately $27,150. It could lead to a short-term bounce back to that level, but it might then become a barrier, pushing the price down to about $23,000. Historically, September has not favored Bitcoin, as with only two positive-returning months in the last six years. A typical downside movement for BTC in September has been around -7%, potentially taking the price to $24,000. However, if momentum remains weak, it could even dip further to the next major monthly level at $23,400.
In September 2023, the crypto market will be at its peak. Ethereum is kind of stuck in one particular place, and those eager to sell are attempting to drive its price further lower. It is still in its steady phase of being at around $1,631. According to its most recent research, it increased slightly from $1,631 to $1,640. However, it is predicted that it will continue to climb as more people put their money into it.
However, over a lengthy period of time, such as a day, the price of ETH has not moved significantly, and few individuals are trading it. It signifies that not many people know whether it exists. As a result, it is projected that the price of ETH will remain between $1,620 and $1,660 in the next few days. However, if its price begins to close around $1,571, it might fall below $1,500, which is a critical threshold for ETH.
Cryptocurrency experts predicted that by September 2023, SOL could be worth about $20.44. They believe that during this period, SOL’s price might not drop below $18.43 and could reach as high as $22.45. Therefore, it signifies that SOL might experience some price fluctuations in the upcoming months.
Binance Coin (BNB):
The average price of BNB in September 2023 might be about $392.15. Experts predicted that it will not go below $210.57 and may potentially reach $573.72. This research suggests that the price of BNB will fluctuate in the following months. As a result, investors must be prepared for future ups and downs in I’s value. Furthermore, it is important to remember that the cryptocurrency market may be volatile. As a result, if you are investing your money in it, it is critical that you remain up to date on the newest developments and conduct extensive research before investing.
In a Nutshell:
As we step into the month of September 2023, the Crypto market is still a place where you need to proceed with caution. As history has defined itself, September is a difficult month for Cryptocurrency and investors. This month has started with a bang, with Bitcoin’s biggest price drop to its average value of $23,000. Moreover, Solana’s price oscillations have added more fire to the market’s instability, where Ethereum stands at one consistent place. Meanwhile, Binance Coin may have some price fluctuations, with analysts expecting it to average around $392.15. Therefore, on the one hand, Bitcoin is attempting to break past $30,000, while on the other, Ethereum is attempting to hit $1,800. However, we have no idea which way things will turn out. It might either go up or down. So, if you’re considering investing in cryptocurrencies, proceed with caution and make sound decisions in this volatile market.