Bitcoin price is under pressure after the U.S. Securities and Exchange Commission delayed its decision on Bitcoin ETFs to October. Top analysts and traders including legendary trader Peter Brandt<\/a> and popular analysts Michael van de Poppe, CredibleCrypto, and Rekt Capital predicted BTC price to continue correction to $24,800 before a possible recovery. However, September\u2019s bear market concerns have once again renewed speculation of further correction.<\/p>\n August saw an 18% drop in BTC price and the SEC handled the crypto market its first bearish sentiment on the first day of September by delaying its decision on Bitcoin ETFs. September has historically been a weak month for risk assets.<\/p>\n <\/p>\n Popular analyst Michael van de Poppe<\/strong> shared<\/a> that the last time Bitcoin had green September month was in 2016. Since then, Bitcoin has lost between 5-8 percent during the month. It means BTC price can drop to $23-24k.<\/p>\n However, he remains bullish on a massive rally in Q4 and predicts $24,700-25,200 as potential entry points. Also, Bitcoin halving will also become a buy factor.<\/p>\n \u201cIf that\u2019s lost, then we\u2019re losing construction and are aiming at deeper, $23-23.5K or even $20K. As we\u2019re approaching a significant year of 2024, it might be your final dip to buy.\u201d<\/p>\n <\/p>\n<\/blockquote>\n CredibleCrypto<\/strong> noted<\/a> that the primary reason for Bitcoin price drop is large forced liquidations and not spot holders unloading. He shared that aggregate open interest shows not many traders left to liquidate, hinting at a limited downside.<\/p>\n Typically, after aggregate OI dropped to below 7 billion levels for the last 12 months there was buying. Bitcoin open interests are currently at 7.5 billion from a high of 11 billion before the last major selloff. Thus, there will be limited downside after Bitcoin price falls below $24,800.<\/p>\n <\/p>\n Also Read: Bitcoin (BTC) Investors Need to Brace for Brutal September, $20,000 Coming?<\/a><\/strong><\/p>\n The Bitcoin ETFs delay has led many to exit the market amid increasing weakness. The bears still have the overall technical advantage and new lows will produce a bearish downside breakout.<\/p>\n Meanwhile, the US dollar index (DXY) has also jumped above 104 after the PCE inflation and jobs data. It further adds pressure on Bitcoin upside movement.<\/p>\nBitcoin Falling Below $25000 in September?<\/h2>\n
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BTC Price Failing to Hold Support<\/h2>\n
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