Bitcoin’s been hanging around $58,877 lately, not making any big moves. August wasn’t great for the crypto king, with prices dropping by 8.46%. So, what’s the outlook for September?
Bitcoin’s in Decision Mode
One analyst, Grizzly, is looking at the Puell Multiple Index, a tool that measures how profitable miners are. Right now, the index is between 0.6 and 0.8, which means Bitcoin’s in a “decision zone.” It could go up or down.
- Below 0.6: Miners aren’t making much money, which could be a good time to buy Bitcoin gradually (Dollar-Cost Averaging).
- Above 0.8: Miners are making a good profit, which usually signals a bull market.
Big Whales are Bullish
While retail investors might be feeling the sting of Bitcoin’s recent price swings, the big players (whales) are still buying. The number of wallets holding 100+ Bitcoin reached a 17-month high in August. This suggests they’re confident in Bitcoin’s long-term future.
What’s Next for Bitcoin?
It’s still early days, but historical data suggests September could be another rough month for Bitcoin. However, the fourth quarter (October-December) could see some gains.
Overall, Bitcoin’s in a bit of a holding pattern right now. The big whales are optimistic, but the market’s still figuring out its next move.
