- CryptoBusy analyst Tom predicts a bearish crypto market in September, bullish in October.
- Tom suggests Bitcoin ETFs sanctioning could significantly boost cryptocurrency market capital.
- The review of SEC Chair Gary Gensler’s position may cause turbulence.
Tom, a seasoned analyst from the renowned cryptocurrency education and analysis platform CryptoBusy, has forecasted a potential bearish trend for the crypto market in September, followed by a bullish phase in October. His predictions, shared in a recent YouTube video posted within the last 24 hours, are grounded in the historical market performance trends observed during these respective months.
In addition to historical trends, Tom indicated that the impending sanctioning of multiple Bitcoin
Additionally, he predicted that the market might experience some turbulence this month due to the impending review of Gary Gensler’s position as the chair of the U.S. Securities and Exchange Commission (SEC). This follows his two legal setbacks this year: the lawsuit involving Ripple Labs and the recent controversy surrounding the Grayscale ETF.
The CryptoBusy analyst, from a technical perspective, highlighted that BTC is currently positioned on the 200 EMA line on its weekly chart. As a result, he anticipates a potential rebound in the leading cryptocurrency’s price based on this technical indicator in the forthcoming weeks. However, this optimistic projection will be nullified if BTC’s price plunges below $25,300.
However, Bitcoin must weather the historically bearish month of September, which typically impacts the entire crypto market. The analyst highlighted that institutional investors and major participants in the crypto space are likely to recalibrate their trading positions in anticipation of the forthcoming tax season. This could exert downward pressure on the market.
In the meantime, data from CoinMarketCap revealed that BTC managed to record a modest gain of 0.02% in the last 24 hours. Consequently, the premier cryptocurrency was exchanging ownership at $25,759.95 at the reporting time.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
