The Bitcoin price is currently above $ 52,000, the mood in the markets is euphoric. Many expect an increase to the all – time high-but historically, a correction is more likely. And that could have it all.

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Does the September curse strike again?

Bitcoin has been demonstrating tremendous strength for several days: after weeks of sideways trading, the number 1 cryptocurrency has finally managed to move and hold above $ 50,000, then above $ 51,000. Then, last night, the $52,000 push took place: from $ 51,900, BTC price broke through critical resistance at $ 52k and moved to $ 52,500 within about an hour. That’s not all: Overnight, the bulls finally managed to climb to as high as $ 52,700 – a new local high.

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And while many are now already anticipating a breakthrough to the all-time high at $ 64,863, Bitcoin could face a dramatic correction in the coming weeks. This is suggested by data of the past. Because: The month of September has always been fraught with heavy losses for Bitcoin so far.

Bitcoin’s 5-day chart: is it possible to return to the local high? Source: Tradingview.com

For example,” CryptoDude, ” a pseudonymous technical analyst, warns in a recent tweet of strong bearish divergences in Bitcoin’s recent upward movement. Background bearish divergence: The term divergence means that an oscillator or momentum indicator does not confirm the direction of the current price movement. Simply put: Price is bullish, but there are indications of a trend reversal. The analyst therefore advises to take profits, writes to his more than 45,000 Twitter followers:

“BTC price has gone up a bit since yesterday’s post-however, there are some worrying signs here. […] strong signs of bearish divergence on this entire move up. I think it makes sense to take at least some profits in this area.“

But if not the rise to the all – time high-what’s next for BTC?

This area must conquer Bitcoin

Analysts have repeatedly emphasized in the past: the region around $ 51,000 to $ 52,000 represents a critical area for Bitcoin. Here, Bitcoin must continue to demonstrate strength-otherwise there is a threat of a decline in the lower $ 40,000 range. This assessment is shared, for example, by the popular trader “CredibleCrypto”. He writes to his more than 234,000 followers in a new tweet: After Bitcoin reaches $ 52,000, it is imperative to reclaim the region to $ 59,000. If this succeeds, Bitcoin finally rises to a new all-time high, according to CredibleCrypto:

“52k are reached. This is our “all or nothing”region. Let’s keep things simple. As long as we have not left this region, we risk a possible correction to 40k or lower. Once we overcome them, new all-time high.“

His worst-case strategy is therefore: Should Bitcoin actually correct hard, he simply wants to buy more altcoins.

Bitcoin is currently trading at $ 51,445 after a reset. Will September be as bearish as it has been in the past-or will BTC rise to a new all-time high as early as this month?

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Last updated on September 7, 2021

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