Bitcoin’s Rally Could End in September
Based on the MVRV 365-Day Moving Average indicator, Bitcoin is expected to face significant downside potential soon.
This projection refers to the Double-Top Camel pattern, which previously triggered the bear market in 2021. This pattern forms when two price peaks occur within a span of about six months.
At the time of writing, Bitcoin has formed its first peak and is expected to form a second peak around September 10 – which could trigger a domino effect in the market.
CryptoQuant analyst Yonsei Dent also voiced similar concerns, stating that current general market conditions demand caution.
“This timing is very much in line with the broader market narrative, such as expectations of a possible rate cut by the Fed and changes in macro sentiment,” he said.
He also warned that the decline could have started earlier, with the lagging 365DMA MVRV indicator hinting that late August may mark the beginning of the downward trend.