A prominent analyst is looking at the past 12 years of crypto market history to predict how the digital asset might perform this month.
Popular cryptocurrency trader Benjamin Cowen informs his 766,000 YouTube subscribers in a new video update that Bitcoin (BTC) has appeared 9 out of 12 times in the past September bloodshed.
According to the analyst “If we go back and look at all previous Septembers, back in 2010, you can actually see that all but three Besides, all of them are in red, and the only green is up about 2.5%, which is 6% and 15% upside.”
With ETH Than, Cowen claims, historical data for Ethereum (ETH), the most popular smart contract platform, shows a similar trend.
“We could also look at other things, like Ethereum, and question whether they produce the same result, the correct state in general”
Cowen predicts a -12% move for ETH in September. He made it clear that not all September is red. Historically, however, there have been a few Septembers that were green, but on average, you would think of it as red.
What was September like for the crypto market?
Looking at the trajectory of the total cryptocurrency market capitalization, Cowen analyzes data from the previous year and presents the asset class’s historical woes in September.
Looking at the data, he said that the only month since 2010 to see a decline was September.
The last time September was positive for the entire asset class was in 2016 and 2015. However, September has not been a good month for the past five years.
If you look back at 2017, the average return in September was about 7.5%. September has not been a favorable month for cryptocurrencies in the past.
So we absolutely need a red month? No, it doesn’t, and the reason is that because something happens often, it doesn’t necessarily mean that it happens too often.
While the general trend is that cryptocurrencies have been bearish in September, Cowen noted that it is still feasible for the cryptocurrency market to end the month in the green.
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