Analyst Sees Bitcoin Opportunities In Infamous September Month

A well-known crypto analyst and YouTuber named Jason Pizzino believes so Bitcoin (BTC) is nearing an inflection point. Pizzino delivers his latest testimony analysis video to the BTC course It may take a while for this to happen.

According to Pizzino, what he affectionately calls “Rektember” is an infamous month for the crypto market. Still, we have to look at the data and it is striking that the stock market is doing very well. In fact, August was a month in which the S&P 500, an index of the 500 largest companies in the US stock market, came close to its high for the year. According to Rektember’s analyst, these positive signals could mean a profitable month.

Other analysts see September differently. Benjamin Cowen stressed recently on X, formerly Twitter, that BTC is down 11.31% in August, close to the pre-halving average of -11.71%. Based on historical data, Cowen forecasts a possible 17.29% drop in September.

Crucial price limit of $23,500

Compared to the stock market, Bitcoin is currently having a harder time. However, the analyst even dares to say that we are in a bitcoin bull market, albeit in the early stages. His reasoning is that we have already bottomed out in November 2022 with a price of $16,000.

Currently, BTC price is at a critical support level. The analyst sees the $23,500 area as a key price point as it has historically represented a critical level. If the price breaks below this level, we can expect a strong reaction further down. At the current price of just under $26,000, a 10% drop is enough to take it below this level. Should that happen, forecasts of $15,000 or even $10,000 are not entirely out of the question, according to Pizzino.

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