Bitcoin Faces Steep Decline: Analyst Predicts Crash Below $100,000 by September

Bitcoin’s recent attempt to sustain momentum above $24,000 has faltered, leading a prominent crypto analyst to foresee a significant downturn. As the market grapples with a spiraling correction, questions arise about the immediate future of the digital asset.

September's Looming Bearish Trend

Crypto analyst Doctor Profit has issued a bold prediction: Bitcoin's price is anticipated to fall below the critical $100,000 mark. This forecast comes after the cryptocurrency's inability to hold its recent all-time high, indicating that the current market downturn may be only its nascent stages. The analyst specifically highlights September as a month where Bitcoin is expected to breach a major psychological support level, potentially signaling further declines. This bearish outlook for September is significantly underpinned by historical performance. According to data from CryptoRank, Bitcoin has closed the month of September in the red for 9 out of the last 14 years. This period has seen an average return of -5.58% and a median return of -4.43%, cementing September's reputation as a historically challenging month for BTC investors.

Long-Term Outlook: A Temporary Correction?

Despite the dire short-term prediction, Doctor Profit maintains a bullish long-term perspective. The anticipated crash below $100,000 is viewed as a temporary correction within the broader bull market, not its conclusion. Bitcoin has successfully held above the $100,000 level for two consecutive months, establishing it as a significant support. The analyst suggests that following this projected dip, the cryptocurrency's upward trajectory is expected to resume, implying renewed momentum in the subsequent period.