Bitcoin Soars 24% as CryptoSlate Predicts Volatile September
Bitcoin's price surged by 24% over the past month, closing at $77,700 on August 31. This upward trend is reflected in CryptoSlate's market signal, which registered a bullish score of 68 out of 100 after a late-week pullback.
The model used to predict Bitcoin's price for September estimates that it will reach a median of $81,319 by September 29, representing a gain of about 4.7% compared to the preceding month's advance.
However, the model also maps out a broad distribution of possible September prices, with its P80 estimate (the 80th percentile point) at $91,049 and its P20 estimate (the 20th percentile point) at $72,502. This wide range indicates substantial volatility in Bitcoin's price.
The late-August move was characterized by spot demand, as evidenced by the inflow of $2.23 billion into Bitcoin ETFs and a decline in futures open positions measured in Bitcoin. However, the reversal of net outflows on August 28 may indicate that this demand is softening.