Vladislav Sopov
Veteran DeFi analyst Miles Deutscher forecasts a “choppy” September and fourth quarter of 2023. Here’s why
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Contents
- “We have to be careful”: Bitcoin (BTC) analyst early in Q4 2023
- Bitcoiners should watch out for September 13th and 20th
Historically, September is the bloodiest month for Bitcoin (BTC) bulls. It could get worse this time, says analyst Miles Deutscher. Crypto markets, particularly Bitcoin (BTC) and large-cap altcoins, will grapple with a controversial macroeconomic context, regulatory uncertainty, and massive “unlocks” of some popular tokens.
“We have to be careful”: Bitcoin (BTC) analyst early in Q4 2023
In September 2023, the apathetic and bored Bitcoin (BTC) market is grappling with “significant oversupply.” Compounded by delays in Bitcoin ETF verdicts, this could cause major problems for bulls, analyst Miles Deutscher said in his market outlook yesterday.
As analysts have consistently noted, September has been a pain for bitcoiners for many years. In 2023, along with market exhaustion, traders should also expect the release of Bitcoin (BTC) and many other cryptocurrencies seized by US law enforcement from the collapsed FTX exchange. Also, many big unlocks are planned for September, including Apecoin (APE), Aptos (APT), dYdX (DYDX), and Optimism (OP).
In another context, the markets would easily absorb these potential “sell walls” in large-cap altcoin pairs, but as we enter Q4 2023, the situation looks too dangerous for bulls:
Under normal market conditions, this selling pressure would be easy to absorb. But in this low-liquidity environment, the same volume is no longer required to drive price as it used to be. So in the absence of renewed interest from market participants (likely via an ETF development) we have to be cautious
The short lifespan of the Bitcoin (BTC) pump sparked by Grayscale’s court victory was the best indicator of the market’s apathy towards Germans. As previously reported by U.Today, the euphoria lasted just two days before Bitcoin (BTC) price fell back to levels not seen since mid-June.
Bitcoiners should watch out for September 13th and 20th
Alongside “crypto-native” catalysts, Deutscher recommends keeping a close eye on upcoming macroeconomic triggers. In particular, he recommends focusing on the September 13 Consumer Price Index (CPI) release and the September 20 Federal Open Market Committee (FOMC) meeting.
Usually, both indicators affect the price of Bitcoin (BTC) and major altcoins in both directions.
At the same time, the analyst’s outlook also shows cautious optimism: he assumes that buyers will be interested in accumulating Bitcoin (BTC) at a certain level. Both $25,000 and $23,000 look like “interest rate levels” to him, but he wouldn’t be surprised if Bitcoin (BTC) went down either.
At press time, Bitcoin (BTC) is changing hands at $25,833 on major cash exchanges.
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