Following the Bitcoin halving event, which took place earlier in May, BTC’s volatility made a dive. It hit an all-time low in June; the calmest cryptocurrency markets have been in a long while. Over the next two months, BTC would show greater price fluctuations, making it hard to determine where Bitcoin will go in September 2020. In this article, we’ll be taking a look at the prices of BTC in the recent and current market projections to arrive at the most accurate Bitcoin price prediction for September 2020.
Without delving into Bitcoin 101, this cryptocurrency is the first-ever digital coin created and the first to successfully record blockchain-based transactions. Bitcoin has a market capitalization of $217,318,048,461, and it is trading at $11,766.20.
$20,927,461,177 worth of BTC has been traded in the last 24 hours. With such a large number of transactions performed on the network on a daily basis, BTC has been slowing its processing speed. As a remedy, additional protocols have been added to enhance the speed, scalability, and privacy of BTC transactions, notably, the Omni Layer, Liquid Network, and Lightning Network. Only 21,000,000 Bitcoins will ever be created, and the current number in circulation is 18,469,687 BTC.
Bitcoin Price Prediction: Analysis
From July to August, Bitcoin has risen considerably. Starting at $9,340.80 on July 22, it rose rapidly to $11,166.26 over the next six days. It then experienced a series of fluctuations, dipping below the $11,000 support a few times and back up. On August 2nd, there was a sharp price drop from $11,949.14 to $10,992 within just two hours. For the rest of the month, the coin traded mostly between $11,000 and $12,000, reaching a peak of $12,399.61 on August 17th. It would fall slightly over the next couple of days.
Compared to the months immediately after the halving event, BTC has once again seen a spike in volatility. However, the trend seems to be neither bearish nor bullish at the moment.
According to WalletInvestors, the current pivot, resistance, and support levels calculated for BTC are:
- Resistance Level (R3): 12134.00;
- Resistance Level (R2): 12016.10;
- Resistance Level (R1): 11800.80;
- Pivot Point: 11682.90;
- Support Level (S1): 11467.60;
- Support Level (S2): 11349.70;
- Support Level (S3): 11134.40.
Double spending attacks that had been plaguing Bitcoin were recently declared not to be a medium by which attackers steal Bitcoin, but a way to confuse coin holders that unconfirmed payments have been received. According to Ledger, “It is not a vulnerability in the network, but more of a design flaw.”
Double spending attacks were first uncovered by ZenGo, a Tel-Aviv based crypto start-up company. ZenGo identified these attacks in three major hardware wallets – Ledger, BRD, and Edge, and it was eventually coined “BigSpender” because it gives a misleading wallet balance. However, following this discovery, BRD soon released a fix, while Ledger and Edge currently have feasible solutions in the works. ZenGo also launched an open-source instrument that tests crypto wallets for the effects of BigSpender.
Bitcoin Price Prediction: Market Opinion for September 2020
In order to arrive at the most accurate verdict concerning the future performance of Bitcoin in the cryptocurrency market, we will be considering opinions of experts from some of the notable forecasting sites.
According to Longforecast, BTC will begin September at $11,466 and close at $11,262 for a percentage change of 0.1%. The site projects the minimum price for the month to be $10,474, with a maximum of $13,332.
Digitalcoinprice projects longer BTC price predictions in the month of September. The site forecasts that Bitcoin will be priced at an average of $27,551.04, with an increase of 136.85%.
Bitcoin is expected to begin at a price of $10,247.256 when September starts. This is an increase of 0.25%. However, during the month, Tradingbeasts puts price fluctuations from as low as $8,731.76 to $12,840.803.
Gov.capital’s Bitcoin price prediction opens at $12,156.17 on September 1st, 2020, and closes at $11,551.86. Here is the complete table of daily predictions with the least and best possible prices.
|Calendar date||Regular||Least possible price||Best possible price|
|2020 September 01, Tuesday||11925.41||10136.5985||13714.2215|
|2020 September 02, Wednesday||12052.79||10244.8715||13860.7085|
|2020 September 03, Thursday||12199.01||10369.1585||14028.8615|
|2020 September 04, Friday||12179.22||10352.337||14006.103|
|2020 September 05, Saturday||12125.02||10306.267||13943.773|
|2020 September 06, Sunday||11974.91||10178.6735||13771.1465|
|2020 September 07, Monday||11968.29||10173.0465||13763.5335|
|2020 September 08, Tuesday||11931.58||10141.843||13721.317|
|2020 September 09, Wednesday||11780.10||10013.085||13547.115|
|2020 September 10, Thursday||11707.30||9951.205||13463.395|
|2020 September 11, Friday||11678.23||9926.4955||13429.9645|
|2020 September 12, Saturday||11795.20||10025.92||13564.48|
|2020 September 13, Sunday||11735.27||9974.9795||13495.5605|
|2020 September 14, Monday||11683.59||9931.0515||13436.1285|
|2020 September 15, Tuesday||11616.83||9874.3055||13359.3545|
|2020 September 16, Wednesday||11696.31||9941.8635||13450.7565|
|2020 September 17, Thursday||11616.80||9874.28||13359.32|
|2020 September 18, Friday||11678.51||9926.7335||13430.2865|
|2020 September 19, Saturday||11709.11||9952.7435||13465.4765|
|2020 September 20, Sunday||11739.58||9978.643||13500.517|
|2020 September 21, Monday||11767.43||10002.3155||13532.5445|
|2020 September 22, Tuesday||11718.49||9960.7165||13476.2635|
|2020 September 23, Wednesday||11728.97||9969.6245||13488.3155|
|2020 September 24, Thursday||11541.70||9810.445||13272.955|
|2020 September 25, Friday||11180.32||9503.272||12857.368|
|2020 September 26, Saturday||11223.95||9540.3575||12907.5425|
|2020 September 27, Sunday||11162.08||9487.768||12836.392|
|2020 September 28, Monday||11333.22||9633.237||13033.203|
|2020 September 29, Tuesday||11267.00||9576.95||12957.05|
|2020 September 30, Wednesday||11324.99||9626.2415||13023.7385|
Bitcoin Price Prediction: Verdict
Based on the data analyzed in this article, we foresee that Bitcoin will experience even steeper and more rabid fluctuations in September 2020, but it may be headed in a more bullish direction than a bearish one.
Featured image: techgenyz.com