After temporarily dropping below $40,000 in the early hours of Wednesday for the first time in six weeks, the value of Bitcoin has recovered and stabilized above $42,000 in the last few hours.
The price of Bitcoin has not yet rebounded to pre-Monday levels of $47,000, but it has slowed its downward spiral nonetheless as buyers pounced on the Bitcoin “sale” below $40,00, sending the price back above $42,000.
Prominent crypto analyst Michaël van de Poppe believes that there was no significant reversal when prices climbed from $28,000 to $52,000. Therefore, Bitcoin is correcting itself by 25% in September, which is typically a corrective month.
