Bitcoin: Summer Months Historically Bad For BTC, Bulls Watch Out

Like many other markets, Bitcoin (BTC) is all about momentum, trends, and patterns. According to analyst Cane Island Crypto, a prominent American cryptocurrency investor, there is a relatively high likelihood that this market could see a dreary next three months.


Related Reading: Analyst: Litecoin Likely to Double in Coming Months, Heres What May Cause This Surge

In a recent tweet, seen below, the investor accentuated that historically, July and August have been historically bad months for Bitcoin. Indeed, as seen in the chart below, the two summer months are the only two with a negative total return, whilst months like March, April, and October have positive returns in the hundreds of percent.

Whats equally as harrowing is that if Bitcoin performs poorly in June, there is a 75% likelihood that the cryptocurrency market will continue to suffer into July. Are the technicals backing a move lower, though?

BTC Could Head Lower

There are a number of investors fearful that Bitcoin could head lower from here, despite the relent in bearish selling pressure. Trader Walter Wyckoff noted that if BTC is mirroring price action in 2015 during which this market went parabolic, saw a brief retrace, and then continued higher it could fall to the low-$6,000s or even the high-$5,000s.

Analyst Moon Overlord has echoed this pseudo-prediction. In a thread, the popular commentator remarked that a 35% correction to approximately $6,000 from the $9,100 peak may be healthy, as BTC bouncing off support at those levels would build a long-term base for the cryptocurrencys expected moon shot.

On Twitter, legendary cryptocurrency investor Trace Mayer explained that he expects for Bitcoin to undergo a gentle retreat to anywhere from $6,500 to $7,500. His peer, Adamant Capital partner Tuur Demeester, echoed the analysis, writing in a note that his firms indicators now read greed after capitulation.

Using this information, Demeester remarked that a 2012-esque correction could be experienced, during which BTC may fall to the range of between $6,800 and $7,680, which is a 27% to 44% retrace of the upside rally.

Bitcoin Still in Overarching Bull Trend

It is important to note that until hell arrives on Earth, or arrives at the crypto market rather, Bitcoin remains in a long-term bull trend. According to Levels Josh Rager, the one-week Super Guppy, an indicator that singles out trends, has flipped from red to grey for Bitcoin after the three-day iteration of the signal turned green. With Guppy being a lagging indicator, Rager notes that this recent technical occurrence is a strong confirmation of a longer-term bull trend.

Whats more, Bitcoin recently closed its fourth consecutive weekly candle above its 50-week moving average, a series of events that have never failed to mark a bull run in the past.


Featured Image from Shutterstock

The post Bitcoin: Summer Months Historically Bad For BTC, Bulls Watch Out appeared first on NewsBTC.

08.06.2019 / 17:40 46
Analyst: Litecoin Likely to Double in Coming Months, Heres What May Cause This Surge Analyst: Litecoin Likely to Double in
The aggregated crypto markets have been facing some levels of instability as of late, primarily due to Bitcoins inability to find any significant
Last 48 Hours See Biggest Altcoin Rally In 9 Months But Bitcoin Still Ahead Last 48 Hours See Biggest Altcoin Rally
Altcoins have been staging a significant rallyagainst Bitcoin in the past couple of days. However, Bitcoins own gains in May mean they may have
Bitcoin RSI Could Rally Into Halving, Pushing BTC To $8,000 By Mid-2020 Bitcoin RSI Could Rally Into Halving,
As Bitcoin moves ever closer to its block reward reduction, analysts are becoming more and more convinced that BTC will rally into the quadrennial
Prominent Analyst Identifies Bitcoin Buy and Accumulate Zones Prominent Analyst Identifies Bitcoin
Bitcoin price predictions have been coming thick and fast over the past couple of months as analysts and investors attempt to foresee when the bottom
Is Bitcoin (BTC) Down Because of Summer Vacations and the FIFA World Cup in Russia? Is Bitcoin (BTC) Down Because of Summer
During one of the conversations in the numerous cryptocurrency chat groups on Telegram, a keen observer of trends pointed out that Bitcoin (BTC) and
Bitcoin Price Historically Surges With Consensus Conference, Data Shows Bitcoin Price Historically Surges With
The fourth annual Consensusconference, Bitcoins biggest event of the year, begins today, May 14, 2018. Will bitcoin price surge once again during
Comments (0)
Add a comment
Comment on