August ended with Bitcoin losing, and analysts are turning their attention to September.
But opinions are divided – some argue that there is a possibility of a price correction due to the small volumes, while others believe that the launch of Bakkt will boost the price increase.
Larry Cermak: The small volumes indicate a possible price correction
Researcher Larry Cermak noted that August was an exception in the evolution of Bitcoin over the past three years. Specifically, trading volumes have decreased significantly, which has not happened in recent history. Also, trading volumes on the crypto derivatives market have decreased by almost 50% in the last two months. This evolution is partly explained by the CFTC’s investigation into the BitMEX platform, which usually generates the highest volumes.
1 / While the price of Bitcoin continues to hover around $ 10,000, traded volume on spot exchanges has hit a 5-month low of $ 55 billion in August – falling by 50% since just two months ago. pic.twitter.com/ifTstjUrgA
– Larry Cermak (@lawmaster) September 3, 2019
Cermak is of the opinion that, under these conditions, it may be possible for Bitcoin to record a price correction during September.
CryptoWelson: Launching Bakkt can result in price increases of up to $ 17,000
CryptoWelson analysts have claimed on Twitter that Bitcoin will grow sharply this month. He estimates that after the launch of the Bakkt platform, investors affected by FOMO will cause the price to increase to $ 17,000 in the last week of September.
CryptoWelson made reference to the evolution of 2017, when CBOE announced the launch of Bitcoin futures contacts.
Here’s a closer look at the chart I will be trading for September 2019. ??
As I said in previous tweets, I’m expecting a pump to 17K range around the last week of September!#Bitcoin $ BTCUSD $ BTC #Cryptocurrency #CryptoMarkets pic.twitter.com/gRzkGKEsrb
– Welson ? (@CryptoWelson) September 4, 2019
During this week, Bitcoin managed to stay above the $ 10,000 threshold. At the time of publication, the article is trading at $ 10,500. Its market dominance has exceeded 70%, but Binance analysts believe that this percentage will decrease in the next period. Their opinion is based on the fact that the BTC dominance remained between 50-60% between May 2017 and June 2019.
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