Bitcoin Price Surge Expected in September, Insights from Anthony Pompliano
September might be the month when Bitcoin experiences a price surge, according to Anthony Pompliano. The founder of Pomp Investments and a well-known Bitcoin advocate, Pompliano, foresees Bitcoin (BTC) embarking on an upward trajectory as summer draws to a close.
During a recent appearance on CNBC Squawk Box, Pompliano shared his insights, suggesting that historical patterns indicate Bitcoin typically enters a bullish phase around September when market participants become more active.
“The only thing we need as a catalyst for Bitcoin is time. One of these interesting things about if you go and look through all these different cycles, the summer’s just slow. People are doing stuff. People are traveling. You know, they’re not sitting in front of their computer watching the chart. And so when we get into September and beyond, I think that’s just enough to get the price going back up.”
Pompliano also noted that the proportion of Bitcoin held for the long term is likely to decrease to around 50% as the price rises, leading early Bitcoin holders to distribute their holdings.
“At the start of this year, the amount of Bitcoin that had not moved in over a year was over 70%, so very high. Now, as the price has risen, some of that has started to get distributed, which is what you would expect in a bull market… My expectation is, as we get further into the bull market, that number will come back down towards 50%-55% but still, at least half of the Bitcoin probably is being held by people who have a 10-plus year time horizon.”
As of the time of writing, Bitcoin is trading at $57,903, reflecting a nearly 4% decline over the past week.
Pompliano’s insights suggest a potential bullish trend for Bitcoin in the coming months, with September standing out as a pivotal period for the cryptocurrency’s price action.
