Bitcoin Set To Defy Predictions In September: A Glimmer Of Hope Emerges

The month of September, traditionally gloomy for Bitcoin, could hold surprises this year. As investors hold their breath, the WaveNet deep learning model predicts a possible trend reversal. 

WaveNet makes a bold prediction in a bearish context

The crypto market is going through a tumultuous period. Bitcoin, after falling 8.6% in August, continued its decline in September, losing 3% on the first day of the month to reach $57,343. This drop led to the liquidation of more than $161 million in leveraged positions.

Despite this gloomy context, WaveNet, a deep learning model, offers a glimmer of hope. According to its calculations, there is a 50% chance that Bitcoin will exceed $65,000 in September. This prediction is based on an analysis of historical data dating back to 2012, suggesting bullish prospects despite usual seasonal trends.

WaveNet has already proven itself. In June, the model correctly anticipated a consolidation phase just below $60,000.

A Bitcoin market divided between fears and opportunities

The current market sentiment is far from optimistic. Bitcoin’s Fear and Greed Index has fallen to 26%, signaling “extreme fear” among investors. 

On-chain data from Glassnode shows a constant decline in the Exchange Volume Momentum indicator, suggesting a decreasing interest in Bitcoin.

Furthermore, American spot Bitcoin ETFs recorded net outflows of over $175 million in just four days, mainly driven by the ARK 21Shares Bitcoin ETF (ARKB) and Grayscale’s GBTC.

However, this atmosphere of pessimism could paradoxically create opportunities for some. The WaveNet prediction defies market expectations for this month. While some feel that the September storm is approaching, this AI model offers a contrasting perspective. Investors will need to carefully weigh these contradictory pieces of information to navigate this volatile market.