As obvious from the title, September has been one of the worst months of bear cycles. And I believe this September isn’t going to be a difference as well and here is why:
CPI report: the CPI data is scheduled to be released on 13th of September. Any positive or negative news can have a great impact on the market and so far, we have seen markets taking slight correction ahead of the CPI report release dates. So far, we haven’t heard any negativity abt it. Might be around somewhere the last month’s.
Eth merge: just two days after the CPI report, the much anticipated event of the year, Eth merge is expected to happen on 15th of september. This news have had a very positive impact on the market recently, despite some very bad news, the markets didn’t fall because of it. But after the event, I don’t see much positivity left in the crypto space to keep the prices up. And yes, we may see sell off pressure rising.
Mt. GOX: recently Mt. Gox shared that they still haven’t got the addresses of their recepients, so they are delaying the release of bitcoins. The entire crypto space was stressing heavily because of this, but yet, once again it has been delayed. To put salt on wounds, there is a possibility that they might share updates regarding the whole scenario in the month.
Overall, after 13-15 September, there are very slight chances of positivity in the market, and we might see some blood, as the month is famous for in bear cycles. If 17,500 was the absolute bottom of this cycle, then market wouldn’t have stayed around it this much longer. So the bears 🐻 predicting 12000 might be right. Who knows!