 Bitcoin set for sub $50K correction in September — Analysts 
2024-09-06

Bitcoin could extend its summer crab walk into September, with a potential correction below the key $50,000 psychological mark.
Bitcoin’s BTCUSD price has been struggling to gain momentum due to an over two-week downtrend. The token has fallen over 12% since Aug. 26 to trade at $56,133 as of 11:24 am UTC, according to Cointelegraph data.Cointelegraph
This dynamic could set up Bitcoin for a correction below $50,000, according to Cyrus Ip, the head of content at Bybit exchange.
Ip told Cointelegraph:
Round psychological numbers like $50,000 invite significant investor attention. Crypto investor sentiment could take a significant hit and invite lower lows if Bitcoin price falls below $50,000
Bitcoin holds significant support at $55k and $52k
Crypto investors seem to be taking a breather, based on the latest onchain exchange data.
Following August’s brutal $510 billion crypto market sell-off, open interest and trading volume have been in continuous declines for both Bitcoin and Ether ETHUSD, according to a Sept. 4 research report by Bybit and Block Scholes, which wrote:
Cointelegraph
While this could set the stage for a Bitcoin correction below $50,000, BTC still holds two significant support levels, explained Ip:
As for price targets, if you look at support levels, there are still $55,000 and $52,000 that are notable support levels before we reach $50,000.”
ETF outflows and historic data threaten sub $50,000 BTC in September
September has historically been a month of downside volatility, with average Bitcoin returns at -4.69%, making it the most bearish month based on average returns, according to CoinGlass data.Cointelegraph
The historic performance, along with a potential rate cut in the US, could set the stage for a correction below $50,000, before the real bull rally, according to Bitfinex analysts.
The analysts told Cointelegraph:
Negative inflows from the US spot Bitcoin exchange-traded funds (ETFs) are also pressuring Bitcoin prices.Cointelegraph
The US ETFs have recorded seven days of continuous net outflows, with over $211 million worth of outflows on Sept. 5, according to Farside Investors data.
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