Bitcoin’s recent price drop after hitting a high above $24,000 has one analyst predicting a significant downturn. Crypto analyst Doctor Profit believes Bitcoin will plunge below $100,000.
September: A Bearish Month for Bitcoin?
Doctor Profit, in a recent X post (formerly Twitter), forecasts a continued Bitcoin price correction spilling over into September. He predicts a crash below the $100,000 mark, a level Bitcoin hasn’t seen since June. While Bitcoin has spent the last two months above $100,000, establishing it as a key support level, Doctor Profit sees this as a temporary setback.
A Temporary Correction Before the Bull Run Continues?
Despite this gloomy prediction, Doctor Profit remains optimistic about the long-term future of Bitcoin. He views the sub-$100,000 crash as a short-term correction before the bull market resumes.
Historical Data: September’s Not So Great
Doctor Profit’s prediction is backed up by historical data. Analysis reveals that Bitcoin’s performance in September has historically been poor. Over the past 14 years, Bitcoin’s price has ended September in the red nine times. The average return for September is a negative 5.58%, with a median return of -4.43%. This makes September statistically the worst month, on average, for Bitcoin investors. If this trend continues, a price drop is likely.
