{"id":421061,"date":"2024-09-06T17:30:37","date_gmt":"2024-09-06T12:00:37","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=421061"},"modified":"2024-09-06T13:53:18","modified_gmt":"2024-09-06T08:23:18","slug":"bitcoin-will-september-2024-mirror-what-btcs-price-did-in-september-2016","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-will-september-2024-mirror-what-btcs-price-did-in-september-2016\/","title":{"rendered":"Bitcoin &#8211; Will September 2024 mirror what BTC&#8217;s price did in September 2016?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin trend strength prophesy fulfilled.<\/em><\/li>\n<li><em>Bitcoin volatility dwindling as percent in profit reduces.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin [BTC]<\/a> has once again demonstrated its cyclical nature, with the Bitcoin Trend Strength Prophecy being fulfilled.<\/p>\n<p>In 2016, Bitcoin\u2019s price dipped into the support zone in September, and the same pattern has emerged in 2024.<\/p>\n<p>Throughout these alternating cycles, the market&#8217;s movement has remained consistent. This pattern of three dips into the support zone during the same cycle has historically led to a price move higher.<\/p>\n<p>As in previous years, the current cycle might mean that Bitcoin\u2019s price could be setting up for another surge on the charts.<\/p>\n<figure id=\"attachment_421090\" aria-describedby=\"caption-attachment-421090\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-scaled.jpeg\"><img decoding=\"async\" class=\"wp-image-421090 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-scaled.jpeg\" alt=\"\" width=\"2560\" height=\"1606\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-scaled.jpeg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-300x188.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-1024x642.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-768x482.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-1536x964.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-2048x1285.jpeg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWueDFTXUAIzqhY-1200x753.jpeg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-421090\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>At the time of writing, Bitcoin was trading at a key support level around the $56k price range, with a strong resistance level at $65k. This newly-formed support level could either trigger a bounce or result in further decline.<\/p>\n<p>If Bitcoin fails to hold above $56k, it may continue to go south and retest $49k before making any substantial recovery. However, holding this level could signal a move higher for BTC in the coming weeks.<\/p>\n<h2>Liquidity levels<\/h2>\n<p>In terms of liquidity, sell orders have pushed Bitcoin\u2019s price down, allowing buy orders to be filled. There are numerous bids resting below the $59k-level, and this has been the case for the past six months.<\/p>\n<p>Interestingly, the price has remained flat despite significant whale activity, as large holders pushed prices lower to accumulate more BTC.<\/p>\n<p>Here, it&#8217;s worth pointing out that Binance\u2019s order books revealed a strategy of filling bids at these levels before the price rises again.<\/p>\n<figure id=\"attachment_421095\" aria-describedby=\"caption-attachment-421095\" style=\"width: 1117px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWuQB4qWcAAA0mf.jpeg\"><img decoding=\"async\" class=\"wp-image-421095 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWuQB4qWcAAA0mf.jpeg\" alt=\"\" width=\"1117\" height=\"642\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWuQB4qWcAAA0mf.jpeg 1117w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWuQB4qWcAAA0mf-300x172.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWuQB4qWcAAA0mf-1024x589.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWuQB4qWcAAA0mf-768x441.jpeg 768w\" sizes=\"(max-width: 1117px) 100vw, 1117px\" \/><\/a><figcaption id=\"caption-attachment-421095\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n<h2>Bitcoin&#8217;s volatility is dwindling<\/h2>\n<p>Another factor influencing Bitcoin&#8217;s trajectory is its volatility. With BTC now trading at around $56k, it is significantly less volatile than in 2021 \u2014 Around 4 to 6 times less volatile, in fact.<\/p>\n<p>The $60,000-level, once considered a speculative top, has now become a consolidation zone where long-term holders accumulate Bitcoin.<\/p>\n<p>This means that $60,000 is now the new floor, a crucial price point that Bitcoin might not revisit for some time as new support levels are established.<\/p>\n<figure id=\"attachment_421097\" aria-describedby=\"caption-attachment-421097\" style=\"width: 1726px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3.jpeg\"><img decoding=\"async\" class=\"wp-image-421097 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3.jpeg\" alt=\"\" width=\"1726\" height=\"774\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3.jpeg 1726w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3-300x135.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3-1024x459.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3-768x344.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3-1536x689.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWkXS8FXUAEz5Q3-1200x538.jpeg 1200w\" sizes=\"(max-width: 1726px) 100vw, 1726px\" \/><\/a><figcaption id=\"caption-attachment-421097\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2><strong>Fear and greed index<\/strong><\/h2>\n<p>Market sentiment, at press time, also seemed to mirror the fear seen at the bottom in 2022. The pervasive fear in the market has many investors on the sidelines, but this could signal an opportunity for a reversal.<\/p>\n<p>With institutional adoption increasing and more projects building on Bitcoin\u2019s network, this current downturn might represent a significant buying opportunity.<\/p>\n<p>In fact, history has shown that such fear can often precede major upward moves in price.<\/p>\n<figure id=\"attachment_421103\" aria-describedby=\"caption-attachment-421103\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtRIE1XYAAJOHj.jpeg\"><img decoding=\"async\" class=\"wp-image-421103 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtRIE1XYAAJOHj.jpeg\" alt=\"\" width=\"1200\" height=\"644\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtRIE1XYAAJOHj.jpeg 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtRIE1XYAAJOHj-300x161.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtRIE1XYAAJOHj-1024x550.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtRIE1XYAAJOHj-768x412.jpeg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-421103\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2>Percentage supply in profit<\/h2>\n<p>Despite the uncertainty, however, the percentage of Bitcoin supply in profit has dropped by 25%, meaning fewer investors are making gains. Roughly 4,938,183 BTC are currently held at a profit, valued at around $280 billion.<\/p>\n<p>This fall in profitable positions suggests that now might be the time for long-term holders to HODL. Especially as the market could be poised for a recovery and higher BTC prices in the near future.<\/p>\n<figure id=\"attachment_421102\" aria-describedby=\"caption-attachment-421102\" style=\"width: 2048px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw.jpeg\"><img decoding=\"async\" class=\"wp-image-421102 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw.jpeg\" alt=\"\" width=\"2048\" height=\"1152\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw.jpeg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw-768x432.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw-1536x864.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GWtLAtxXkAAEzHw-1200x675.jpeg 1200w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/a><figcaption id=\"caption-attachment-421102\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s ongoing price trend is mirroring a lot of what it saw a few years back. <\/p>\n","protected":false},"author":98,"featured_media":421125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6428],"class_list":["post-421061","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin - Will September 2024 mirror what BTC&#039;s price did in September 2016?<\/title>\n<meta name=\"description\" content=\"If Bitcoin fails to hold above $56k, it may continue to go south and retest $49k before making any substantial recovery. 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