Bitcoin risks worst August since 2015 as hodlers brace for 'Septembear'
BItcoin (BTC) is on track to see its worst August performance since the 2015 bear market — and next month may be even worse.
Data from on-chain analytics resource Coinglass shows that BTC/USD has not had an August this bad for seven years.
After two major BTC price comedowns in recent weeks, Bitcoin hodlers are understandably fearful — but historically, September has delivered even worse performance than August.
At $20,000, BTC/USD is down 14% this month, making this August the biggest loser since 2015, when the pair posted an 18.67% red monthly candle.
Subsequent years have proven that August can be a mixed bag when it comes to BTC price performance — in 2017, for example, the largest cryptocurrency gained over 65% in a bullish record.
One month which has left no one guessing when it comes to probable price direction, however, is September. Already famous as a "red" month for Bitcoin, average losses since Coinglass records began in 2013 have been almost 6%.
Historically September Down Month'Septembear'
This time around, macro instability is combining with tradition to deliver gloomy projections from analysts.
"Equities market in general isn't looking good right now so this dip on $BTC is a reflection on that," trader Josh Rager summarized as Bitcoin threatened $20,000 support.
Rager was continuing a debate over the likelihood of bitcoins from the Mt. Gox rehabilitation process being sold en masse by creditors due to receive them after an eight-year wait. As Cointelegraph reported, many believe that such an event will not occur, with fears to the contrary unsubstantiated.
Turning to the monthly close, nervous commentators focused on whether Bitcoin could avoid a monthly candle finishing below the $20,000 mark.
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