As September begins, Bitcoin (BTC) faces a historically volatile month, dividing analysts and investors over its short-term path. Despite a brief rebound at the start of September, Bitcoin remains below the $60,000 mark, fueling concerns about its ability to break free from the downward trend typically seen during this time of year.

Historically, September has been a challenging month for Bitcoin, with many analysts cautioning that the cryptocurrency could face further declines. Benjamin Cowen, a well-known crypto analyst, highlighted that September has often been a "treacherous" month for BTC, citing past market performance during this period. Cowen's cautious stance is echoed by other experts, who are closely watching Bitcoin's struggle to maintain support above key levels.

Amid the overall bearish sentiment, there are glimmers of optimism. The drop in BTC's price has sparked increased activity among crypto whales. On Monday, September 2, a significant Bitcoin transaction was recorded, with an investor purchasing 1,000 BTC for $57.3 million, bringing their total BTC holdings to $490 million.

Such large-scale purchases typically signal confidence in a potential rally, even as broader market conditions remain uncertain.