Recent positive sentiment has brought Bitcoin back into ‘greed territory’, but is this enough to sustain the rally, or will bearish indicators reign again? This article explores the factors driving both potential upside and downside for Bitcoin (BTC) in September 2023. 8 August saw a significant drop, with investors citing concerns about Bitcoin’s historic peak cycle as well as the ongoing effects of the US Federal Reserve’s monetary policy shifts. However, recent developments suggest this bear market could be less severe than previously anticipated. The cryptocurrency has benefited from positive regulatory signals and growing integration into traditional finance, potentially indicating that a bull market could continue. But is Bitcoin merely riding the tailwind of institutional demand or are we facing a deeper shift in investor behavior? 16 months after each halving cycle, a Bitcoin top historically occurs, but this time things appear different. 2023’s scenario features institutional interest and integration with traditional finance, potentially suggesting a longer-lasting bull market.