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The host of the channel The House of Crypto opened up about the cryptocurrency market and how he expects a brief selloff, possibly leading to more alarming headlines, but believes that Bitcoin will start to recover soon after.
In the latest analysis video, the host addressed a common belief that September is often a “red month” for Bitcoin, meaning that prices tend to drop. However, he clarified that this isn’t always true during halving years. For instance, in 2016, which was a halving year, September was actually a very positive month for Bitcoin. He noted that the only recent halving year with a negative September was 2020.
Looking ahead, he expects September 2024 to be a strong month for Bitcoin. This prediction is partly based on upcoming economic data from the U.S., specifically jobless claims set to be announced on September 6th. If these claims are higher than expected, it could lead to interest rate cuts, which might boost the money supply and benefit Bitcoin.
The host is confident that September will be a bullish month, even if it starts slowly. He anticipates Bitcoin pushing toward new highs in late September and into October, especially as the global money supply begins to increase.
He also discussed the recent underperformance of altcoins, which have been hit hard whenever Bitcoin dips. He said that while it’s okay to buy the dips in altcoins, it’s important to be prepared for the possibility of further declines. However, he believes that the current period is a prime opportunity. The host advised focusing on areas like artificial intelligence (AI) and GameFi (gaming finance), which he expects to perform well in the coming bull market.