The Colombian analyst Juan Rodriguez suggests that the first half of September could present buying opportunities for Bitcoin (CRYPTO:BTC).
What happened
According to CriptoNoticias, the analyst has projected that Bitcoin could see lower prices in the first half of September, creating buying opportunities. Rodríguez bases his analysis on the FOMC meeting scheduled for September 18, which could result in a rate cut in the United States.
Rodriguez explains that a reduction in interest rates generally lowers US Treasury yieldsencouraging capital rotation into higher-risk markets such as stocks and Bitcoin. He also notes that BRC’s lower trading volume on exchanges indicates apathy among investors, a typical behavior for this time of year.
In September, when summer ends in the northern hemisphere, markets typically fall, and Bitcoin is no exception. However, Rodriguez highlights that an average correction of 7% in September could take the price of BTC to around $54,000, presenting medium-term buying opportunities.
Rodriguez also mentions that historically, a Bitcoin bull market lasts on average 796 days. Although, in fact, the last two have lasted just over 1,000 days. Currently, Bitcoin has been in a bull market for 630 days since its recovery in late 2022, suggesting that there is still room for growth. could have about 400 more days of growth.
Finally, Rodriguez highlights that capital outflows from Bitcoin-based exchange-traded funds (ETFs) in the United States could contribute to a correction in the first part of September. However, demand for ETFs could pick up again after Labor Day in the United States, which could influence the market.
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Why is it important?
Rodriguez’s analysis offers a cautious outlook on Bitcoin’s performance in September, highlighting the possibility of a short-term price correction. This contrasts with the projections of some more optimistic analysts, who suggest a possible price increase to a new all-time high.
Furthermore, Spain has established itself as one of the leaders in the adoption of Bitcoin and cryptocurrencies in Europe. Indeed, Spain ranks 14th in the world ranking of Cryptocurrency users, with 2.92% of users on the CoinMarketCap platform.
This interest reflects continued growth and increasing adoption among Spanish citizens.
You can also read: How Spanish banks challenge the Ibex with 40% discounts
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