According to ChainCatcher, QCP Capital's latest analysis pointed out that by analyzing Bitcoin's historical performance in September, it was found that there were declines in 6 of the past 7 years, with an average decline of 4.5%. If this pattern is repeated this year, the price of Bitcoin may drop to about $55,000. However, analysts expect $54,000 to become a strong support level, a level that successfully supported prices in July and helped Bitcoin reach $70,000.
The report also mentioned that this week’s unemployment claims data (September 5) and non-farm payrolls report (September 6) may not have a significant impact on cryptocurrency prices, as the impact of macroeconomic data on cryptocurrencies has weakened recently.
Despite the short-term market downturn, QCP observed that the options market still showed medium-term bullish signals. The volatility curve is expected to steepen further, while more long options positions are rolled over to March next year. Bitcoin's March 28, 2025 call option with a strike price of $120,000 increased by 200 contracts today, reaching 2,100 open interests, indicating that investors remain optimistic about the medium-term outlook.
