Bitcoin Monthly Forecast – September 2018

The BTC prices closed the month of August in a strong and interesting manner and this should give a lot of heart for the bulls as they look forward to the month of September. The month of August was one more month of ranging and consolidation, as the prices struggled to make any kind of an impact on the upside as well as the downside and what we saw, was a period of boring consolidation which would have led to a lot of frustration among a lot of traders during the last month.

BTC prices Consolidate

But it has to be noted that the prices ended the month on a strong note and managed to move higher towards the end of the month which has raised visions of the volatility and the price rise that we saw towards the second half of last year when the prices managed to more than double within a matter of a few months. Though it might be far-fetched to think that the same would happen this year as well, it would be important to keep an eye on the price action in the coming week.

The market started on a slow note last month and it even went lower and threatened the lows of the range towards the middle of the month. Then the things began to pick up and we saw the prices shoot through the $6800 region which had served as a strong region of resistance. Once this happened, the demand and the momentum picked up and the prices went through the $8000 region as well, in due course of time. This was the time that the traders and the bulls thought that the market was out of the woods but they were in for a huge surprise.

What followed next was a correction of the same speed and quality that had pushed the prices higher. The correction was quite quick and this helped to push the prices lower and lower and within a matter of a week or so, we saw the prices crash through the $6800 region once again and it settled within the old range and this only added to the woes of the bulls in the short and medium term. This led to another bout of consolidation and slowly moves towards the end of the month and this monotony only added to the slowness of trading that we had been seeing over the last couple of months.

BTC Prices Looking to Remain Buoyant

But the fact that the prices refused to fall much further during the last couple of months would not have escaped the attention of a lot of wary traders. If the bulls were well and truly out of the game and if the demand was low and if the large investors were staying out of the market, we believe that the prices would have fallen in no time at all and we would have seen the bears pushing the prices below the $5000 region and further. But that has not happened so far and this shows that the demand is intact and that the large traders are looking to accumulate as much as possible before trying to push the prices higher.

This is why we believe that the month of September would be an interesting month where we can see the price action to point to some interesting trend in the coming weeks and months. We are likely to see the prices move higher and remain buoyant during the upcoming month and if that happens, then it is likely to attract more and more traders who would become more confident of the market and then this would, in turn, increase the demand for the BTC and other cryptos which would then fuel the bull run even further in due course of time.

If and when the prices start getting fuelled higher, we should see the next target of the bulls to be the $7500 region and then the highs from last month. If that is broken, then the region around $10,000 would be a very important target for the bulls.