Market sentiments are Down
This has been discussed in multiple posts on social media where people are sharing their thoughts about the current market situation. Generally, the people who have been part of the market for the last many years are aware of how things go in a particular month depending upon the market sentiments. This September month has not been considered as a good month for the crypto market and if we go through the historical data then also this can be delved further.
Today if we look at the market then we will see that most of the crypto coin prices are down. Bitcoin price has gone down below 60,000 U.S dollars and there has been a reduction of almost 6% in the last 24 hours. This may not be a big percentage for the drop but still, this has taken down the price back to below 60K whereas just before this the price was hovering around 65 K US dollars.
Today almost every coin is showing in red colour including the top ten coins. If we look at the coins like Ethereum solana X R P and many more then a similar momentum can be seen that the prices are down but I believe that this will not be the same in the long term. Last month we saw a bigger crash in the market but at the same time, recovery was also fast. Now again in September, we see a downtrend in the market but I believe this is just a matter of time and maybe this will still be like this in September.
After this month we will enter in the fourth quarter of the year and generally, the last quarter of the year has been considered good for the crypto market. Especially when we are talking about it in the year of halving for the Bitcoin then referring to 2020 as a reference year. In that year the price of Bitcoin was grown significantly in the last quarter and if history repeats itself then the next quarter is going to be the game changer for Bitcoin price. We are at the edge of it and this is not the right time to leave the market instead it is the time to stay strong and wait for the right opportunity.
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But the past suggests that Bitcoin may come down during the month of September and we may see a good movement in Bitcoin and other altcoins towards the end of September.
Nice post, I hope during the next quarter or by the last month of this Q3 we could see some positive sentiments in the market.