The post A Bearish September Could Send Cryptocurrencies Down Another 10%! The Next Steps was first published on Coinpedia – Fintech & Cryptocurreny News Media | Crypto Guide
There has been a lot of unpredictability in the markets ever since the LUNC and UST crises caused a complete market crash back in May. Bitcoin has lost its footing and is continuing to decline despite occasional rallies. Most assets are getting ready for the monthly close as the end of the month approaches.
It is still anticipated that the price would drop significantly in the following month, possibly causing the global market value to drop below $900 billion.
In the past 10-12 days, whales and miners have driven the crypto markets’ massive sell-off. Following recent cuts in interest rates by Fed Chair Jerome Powell, the price of bitcoin and ether fell below $21,000 and $1,500, respectively.
Recently released information indicates that the cryptocurrency market is likely to decline as a result of speculation that interest rates will be increased by an additional 75 basis points in September. In his speech, the Fed chair had alluded to the severe measures that will be required to stem the tide of growing inflation, and it appears that interest rate hikes may go on for some time.
We may be seeing a temporary uptick!
The cryptocurrency markets are currently seeing a resurgence, but current indicators suggest that this upswing will be short-lived (less than 5%) and will give way to a deep bearish weel in the near future.
Recent monthly lows were reached by the market capitalization shortly after Powell’s speech, breaking down from the rising parallel channel. The expert here, though, thinks the market cap can rise back beyond $1 trillion after a retest.
Despite the recent price moves, investors are remain negative on the market’s medium- and long-term prospects. Nonetheless, bitcoin