As a seasoned crypto investor with over a decade of experience navigating the tumultuous seas of the digital asset market, I have learned to weather the storms and embrace the sunny days alike. This summer has been particularly challenging, with Bitcoin’s price taking a nosedive since June, but I remain optimistic that better days are ahead.
Historically, summers have seen a downtrend in Bitcoin‘s price, and the year 2024 has followed suit. Since June, the value of Bitcoin has been rather unstable, experiencing numerous sudden drops, or “flash crashes,” throughout its journey. As of now, Bitcoin’s price has dipped from over $70,000 to below $50,000 at one point. However, a potential turnaround might be on the horizon as a cryptocurrency analyst has observed patterns reminiscent of the summer of 2023, hinting at an upcoming recovery
When The Summer Chop Might End
Crypto expert Crypto Jelle, by looking at the duration of past market corrections during previous summers, has proposed a potential timeframe for when the downtrend in Bitcoin prices might conclude. His analysis primarily focuses on Bitcoin’s behavior during the summer of 2023 and how long it lasted before its decline ended officially
The post suggests that the duration of the ongoing drought condition in 2023 was actually 219 days, which equals about seven months. Since similar events often follow each other, there is a possibility that this current drought could persist for approximately the same length of time as the 2023 event did
The expert notes that the ongoing market turbulence, known as the “summer chop,” has persisted for about six months, or roughly 190 days. Considering the anticipated length of summer 2023, we’re looking at around another month before the bearish trend is expected to conclude
According to the analyst’s prediction, the Bitcoin market might remain volatile throughout September. Yet, there’s a promising sign that this could be the final downward phase before another upward trend commences. If the current choppy period persists for as long as the last one, it may conclude around early October
Day 190 of chop-season today.
Last summer, the market experienced an extended period of volatility that stretched over approximately 219 days. However, following this phase, the prices remarkably surged, nearly doubling within the subsequent months
If this ongoing season persists for an equivalent duration as the preceding one, it is likely to conclude approximately in October. #Bitcoin
— Jelle (@CryptoJelleNL) September 4, 2024
Bitcoin Open Interest Flush Good For Price
A well-known crypto analyst, formerly known as @CredibleCrypto on Twitter (now X), has recently suggested a possible increase in Bitcoin’s value. This analyst had earlier predicted a dip for the cryptocurrency. By midweek, the Bitcoin price had experienced the predicted dip, leading the analyst to adjust their prediction accordingly
From my perspective as an analyst, the recent drop below $57,000 suggests that Bitcoin might be poised for a rebound. This dip has reached my projected downside target, which could potentially signal the onset of a much-needed relief rally, hopefully arriving sooner rather than later
As an analyst, I observed a significant reduction in open interest (OI) following the price crash in the market, which could be a positive development despite the absence of immediate buyer activity. “A nice cleaning up on OI, though no clear evidence of buyers entering the scene just yet,” is how I’d put it. Let’s wait and see how this unfolds
Read More
Sorry. No data so far.
2024-09-05 13:34