September price forecasts for Bitcoin and Ethereum

After yesterday’s rise, many have updated their forecasts for Bitcoin and Ethereum prices. 

In fact, until yesterday, pessimism prevailed, even though there were those who had already warned that there was unlikely to be another sharp decline in the short term. 

However, it should be remembered that September historically has not always been a particularly positive month.

Past performance of BTC and ETH

The main reference points should be the September months of the years following the post-bubble bear markets. 

To date there have been three halvings of Bitcoin, all three followed by huge speculative bubbles, in 2013, 2017, and 2021. In all cases the following year (2014, 2018 and 2022) the bubble burst, resulting in a deep bear-market. 

So for 2023 it is convenient to take 2015 and 2019 as a reference. 

September 2015 was rather flat, while September 2019 the price dropped slightly.

These two pasts do not seem to suggest great things for the price of Bitcoin and Ethereum for the coming month. 

September has not been a particularly good month in other years either. Leaving aside the bubble years, in 2020 there was a drop, in 2018 there were no big movements, as well as in 2016. 

At this point it is safe to expect a September without much volatility. 

However, it is worth mentioning that historically July is the month with the least volatility, and from this point of view July 2023 was no exception. Instead, volatility usually increases somewhat in August, and in fact this is exactly what happened again this year. 

Bitget’s current Bitcoin and Ethereum price forecasts

According to Gracy Chen of Bitget, one of the key moments could be 21 September, when the Fed will announce its new decision on interest rates. 

Until a few days ago, markets were convinced that there would be no further increases in September, and they had already discounted this assumption. 

In recent days, however, the likelihood of a further increase has increased somewhat, expected in any case by November. It still remains unlikely, but if instead the Fed were to choose this very option, markets might react badly. 

In fact, on 10 August, Federal Reserve Chairman Jerome Powell said that further rate hikes are possible, so it is not impossible that the markets are wrong. 

According to Chen, in September the price of Bitcoin could retest the June low at $24,800 unless there is significant news in the financial markets. But thereafter he foresees a rebound, with key levels to watch set at $27,500, $28,000 and $29,000.

As for Ethereum, it appears to be relatively weaker than BTC, as Bitcoin’s dominance in the crypto market is growing rapidly. However, Chen predicts that Ethereum over the long term may have a higher value proposition. 

Currently, however, demand for ETH is limited, so by a conservative estimate he envisions a price fluctuation within a zone of $1,550 to $1,850 in September. However, if Bitcoin successfully surpasses $29,000, Ethereum could attempt to exceed $2,100.

Other predictions

There are quite a few who do not expect Bitcoin and Ethereum prices to set new 2023 highs in September, partly because historically September has almost never been a particularly good month. 

In fact, there are actually even several forecasts circulating that claim there could be a descent even below $24,800, perhaps even to $22,000. 

However, if we exclude the extremes, the idea circulating most is that of a continuation of the current phase of lateralization, that is, fluctuations between $25,000 and $30,000, in continuation with what happened in August. 

However, it should not be forgotten that Bitcoin has often accustomed us to disregarding forecasts, and surprising everyone precisely when there are widespread and converging ideas about a specific trend.