Bitcoin's cyclical low expected in September, hinting at the final stages of the current bull run, according to Bitfinex Alpha

In the world of cryptocurrencies, the market is currently experiencing a downturn, but analysts are predicting that this could be nearing its end. According to reports from Bitfinex and Coinbase, September, historically a weak month for Bitcoin, could mark the bottom of the current downturn as it has done in post-halving years.

Bitcoin (BTC) has fallen below $110,000, a level that served as resistance for at least six months before being broken in July. This drop has triggered a redistribution of supply at discounted prices, as the gap created by BTC's sharp price rally without substantial supply has been gradually getting filled.

With Bitcoin already 13% down from its recent All-Time High (ATH), there may still be a little room for more downside, according to Bitfinex analysts. They suggest that the market is in the late stages of its corrective phase, and renewed rallies into October and November are possible.

The ongoing downturn in BTC has not spared the altcoins, with most of the top ten major assets experiencing significant declines in value. Ether (ETH) recently hit an all-time high but tumbled afterward, despite persistent accumulation from institutions and exchange-traded funds.

The CBD heatmap, a metric used by Bitfinex, shows where supply is concentrated across BTC acquisition prices, revealing natural support and resistance zones. A dense supply clutter exists between $93,000 and $110,000, which may require a wave of acute short-term sell pressure or an extended demand pause for a deeper correction to occur.

Coinbase's weekly report also shows that September historically regularly marks lows in the course of post-halving years. It is possible during this month for the market to reach its low point for the current downtrend. The report further suggests that analysts believe the market could hit its bottom for this downturn as September progresses.

In conclusion, while the cryptocurrency market is currently experiencing a downturn, analysts are optimistic that September could mark the bottom of this downturn. Renewed rallies into October and November are possible, as September provides the foundation for such movements. However, a deeper correction may still be possible due to the dense supply clutter between $93,000 and $110,000.

Bitcoin's cyclical low expected in September, hinting at the final stages of the current bull run, according to Bitfinex Alpha