Bitcoin Price Prediction for September: Will BTC Price Plunge to $22,000 in the Coming Month?

According to a recent analysis by crypto market expert Rekt Capital, the price of Bitcoin (BTC) could fall significantly in the coming weeks.

Rekt Capital examined historical data and chart patterns to assess the likelihood of a potential crash for the leading cryptocurrency. In a tweet, Rekt Capital noted that Bitcoin has been trending towards double-digit percentage declines in August and September, suggesting that more declines may be imminent.

Review of worst case scenarios

In order to assess the downside risks, Rekt Capital first analyzed the previous years with the strongest declines in August. Currently, in 2023, Bitcoin’s price is down 16% since August. The worst August declines on record were 17% in 2014 and 18% in 2015.

If Bitcoin were to fall 18% this August, as it did in 2015, that would bring the price down to around $24,700, according to Rekt Capital’s calculations. However, the declines in September must also be taken into account.

According to Rekt Capital, September tended to be another weak month for Bitcoin, with single-digit percentage losses being common. Assuming another 10% drop in September, Bitcoin would be around $22,200.

This is in line with Rekt Capital’s target of $22,000, which comes from measured technical forecasts related to Bitcoin’s recent “double top” chart pattern. This pattern suggests further downside momentum.

Still waiting for confirmation

However, Rekt Capital refrained from an explicit Bitcoin price forecast and pointed out that the analysis depends on historical patterns that develop in a similar way. Until confirmed failures occur, the analysis remains hypothetical.

Nonetheless, Rekt Capital’s risk-reward rating provides useful context on the market’s potential vulnerabilities at what has been a historically tumultuous time of year for Bitcoin. As the Fed tightening cycle continues, expect further crypto volatility.

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