Further Crypto Market Declines Expected for September
QCP Capital analysts highlighted Ethereum's significantly underperforming Bitcoin in August and warned that September could bring additional declines.
"Bitcoin closed August down 8.6%. We started the month with the 'Bank of Japan crash' and bitcoin was never able to recover above $65,000.
For Ethereum the performance in August was significantly worse, down 22.2% in August due to alleged Jump Trading selling," QCP Capital analysts said.
"Historically, September's seasonality is bearish, with six of the last seven Septembers in the red and with an average return of -4.5%, which would take us to around $55,000 if we see the same this month," the analysts said. They expect Bitcoin to find support around $54,000 in the coming month, which is the level it bounced off in July before briefly touching $70,000 late that month.
Furthermore, front-end options implied volatility suggests that derivatives market participants are betting on a lackluster performance for both bitcoin and ether in the coming weeks.
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