Bitcoin (BTC) price continues to drown cryptocurrencies, while altcoins remain in the red today. Although the PCE data came positive, it did not have a big impact on crypto. On the other hand, although September is about to start, the negativity of the new month has already fallen on the markets. There are many reasons for this, and one of them is the possible excess supply.
Bitcoin (BTC) September Forecast
The US and Mt Gox could still put an additional $15 billion in selling pressure on the markets. The US government holds 203,000 assets worth $12.1 billion BTC remained and Mt Gox It has not yet distributed 46,000 BTC worth $2.7 billion. Although refunds have been completed for exchanges and customers who have completed the process, there are still around 2-3,000 creditors who have receivables from the Mt Gox trustees. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Kaiko’s August 29 report gives us the details regarding the Mt Gox refunds and writes;
“Kraken handled BTC ETF flows with only a small increase in slippage at the close of the US market. The liquidity profile suggests that any additional selling pressure from Mt. Gox redemptions is unlikely to cause structural issues that could impact the broader market.”
The good news is that the $4 billion BTC refund in late July did not create massive selling pressure from creditors. The problem that has been going on for months in crypto is the lack of buyers in spot markets.
Bitcoin and Crypto Predictions
The US Government crypto- The story that he would raise the white flag until the elections turned out to be false. SEC‘s latest move confirms this. Thus, the government’s $12.1 billion worth of BTC is likely to go on sale in September. At least a few billion dollars of it could create additional pressure.
Moreover, third quarters are historically not very encouraging. We are in the lowest performing period of the year. Moreover, the polls coming in for the November election continue to place Kamala Harris ahead of Trump.
BTC will reach all the good news in about 18 days future Despite the interest rate cut, it remains below the psychological threshold of $60,000. Bitfinex According to analysts, we may see the summer apathy continue in September, meaning that $63,900 will remain as strong resistance.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
