Is September the month for Altcoins?
September has historically been the worst month for Bitcoin returns, with altcoins struggling against both the pound and Bitcoin itself. For UK investors, this might seem like one of the most challenging times for cryptocurrency. However, could it actually be a strategic moment to start building an altcoin portfolio ahead of the next bull market?
It’s well-known that September tends to be the most difficult month for Bitcoin in terms of average returns. As a result, the chances of a market-wide recovery during this period seem slim.
Source – CoinGecko.com
Altcoins are currently under significant pressure. Many investors in the UK may have been shaken out of their positions, with several altcoins experiencing declines of 50%, 60%, or even more than 70% during the ongoing correction.
However, it’s often in times like these that investors have the best opportunity to establish altcoin positions that could serve them well as the bull market resumes, potentially leading to substantial gains.
For those thinking long-term, this could be a good moment to start dollar-cost averaging into selected altcoins. While it’s important to remain aware of the potential for continued volatility, both downward and upward, the eventual rewards could outweigh the risks.
Sentiment is currently very low across the entire crypto market, including in the UK. With September traditionally being a tough month for Bitcoin, and the effects of potential Bank of England interest rate decisions uncertain, now could be an ideal time to consider building an altcoin portfolio.
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