Bitcoin records second worst monthly close in 2024 after ending August with losses of 8.6%. This is less than the losses in April, when the price fell 14.76% in one month. Since this close in the red shocked investors, mixed feelings accompanied the month of September. While some expect the price of Bitcoin to rebound during this time, others expect the bearish sentiment to continue, with one analyst expecting a significant drop in price.

Will we see another drop in the price of bitcoin in September?

Cryptocurrency analyst who uses the username @thedefivillian on Platform X (formerly Twitter) scratched possible Bitcoin price crash. The cryptocurrency analyst points out that prices of the pioneering cryptocurrency have fallen dramatically over the past two months and September will be no exception.

More specifically, the cryptocurrency analyst points out that the 5th of every month has witnessed a price crash. The first one occurred on July 5, when the price of bitcoin fell below $55,000. In turn, on August 5 Bitcoin price There was another major crash, with the price dropping below $50,000.

Now, with September also expected to be bearish, the crypto analyst believes another crash could be on the cards. “September 5th is almost here. Are you ready for another traumatic event?” X’s post reads.

If this trend continues, the bitcoin price could experience another major crash on September 5. Considering the past two months, where each crash was worse than the last, a possible crash on September 5 could be worse, which could cause BTC price under $40,000.

A month of bears to be reckoned with

Historically, September has been very bearish for Bitcoin price. This fact is even more evident as the month has already started in the red as BTC price failed to reach $60,000 again, according to data from Coinglass.

This is one of the most bearish months on average and one of only two months with persistent negative returns on both the mean and median. Out of the 12 years of historical price data, September has been negative for Bitcoin for nine years. If this trend continues, September could be even worse than August.

However, there is lithe at the end of the tunnel for Bitcoin price, considering that September has often been the last bearish month before each bull market begins. This means that investors may only have one more month to suffer losses before the bull market begins.

Featured image created with Dall.E, chart from Tradingview.com