Bitcoin Just Entered into “Peak Outperformance” Period: Says Analyst

    • Bitcoin recorded “fourth consecutive lower close for the first time in nearly 2 years”
    • Though in green, mid to low $7ks eventually expected: says trader

    Last month, Bitcoin lost 13.5% of its value, registered the third red month in a row, marking the end of Q3 on a red note, as expected and historically projected. This has been the 5th worst quarterly performance of Bitcoin since 2012, following the 163.5% increase in BTC value, the 3rd best quarterback of all time, in Q2.

    Sept. also marked the lowest BTC daily “adjusted transaction volume” since March at about $2.1 billion.

    Before today’s green, Bitcoin also recorded the “fourth consecutive lower close for the first time in nearly 2 years,” notes analyst Rptr45.

    These losses corresponded with the highly anticipated Bakkt launch whose performance was “underperforming by even the most modest standards.” The platform managed to trade only $6.5 million in the first week with $1.4 million being the highest volume traded in a day.

    “The “herd” has been a disappointment thus far but with TDAmeritrade, Charles Schwab, Etrade all cutting trading to $0 fees BTC isn’t a bad place to turn to get some “spread back.” Which can help with the institutional plumbing,” the analyst said.

    Bitcoin Sees Life

    In the past 24 hours, the BTC price increased by 1.98 percent, trading at $8,168, as per Coincodex. From today’s low of $7,763, BTC moved as high as $8,222.

    Trading volume has also seen a jump from just above $200 million, during the weekend to now at $415 million. BTC dominance, however, has taken a drop below 69% as altcoins surge much higher.

    Source: Coin360

    “Great reaction out of the descending channel,” crypto trader and investor Josh Rager responds on the current increase in price.

    A daily close above $8,146, Rager says would be a good start for bitcoin that could see the price further climbing to $8,424.

    However, he sees BTC pushing down to mid to low $7ks “eventually” given that it is making lower highs.

    What to Expect for Q4?

    Bitcoin might be down over 42% from 2019 high but it is still up 100% year-to-date. If the year is to end today, Rptr45 wonders aloud, it would be the second “worst” year.

    But this also means, the trend is your friend and “don’t try to pick bottoms when we’re still +100% YTD,” advised Rptr45.

    Historically, Q4 turned out to be a red one, 3 out of 8 times, including the last year.

    Now, with each passing day, we are moving closer to the Bitcoin reward halving in May 2020. If we take a look at the historical performance, BTC’s peak outperformance has been in the 90-240 days prior to the having and we have just entered that period.

    The macro-environment meanwhile, he says continues to be supportive of BTC long term but is yet to be seen how it performs in a

    “true risk-off environment.”

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,458.1616 change ~ -1.60%

    Coin Market Cap

    $118.17 Billion

    24 Hour Volume

    $6.46 Billion

    24 Hour VWAP

    $6.47 K

    24 Hour Change


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    44% Think Bitcoin's in a Bull Market & Alt-Season Will Occur in 2020: Kraken Survey

    In the currently unstable environment where industries are laying off, cryptocurrency exchange Kraken is on a hiring spree as it moves ahead to expand...

    Bitmain Releases Antminer E3 Firmware Update to Keep It Mining ETH Till October

    Mining hardware firm, Bitmain, set to extend the durability of its once “most powerful Ethash miner” from April to October 2020. The mining firm...

    Tether Prints over a Billion USDT in March, Rising Demand or Exchange Run?

    We are about to end March, a month that saw the price of bitcoin hitting $3,850 and ready to end the quarter with over...

    Bitcoin Beating Gold But What will Hold its Value Better in Five Years?

    The price of bitcoin is currently trading in the green by 2.34% as it trades around $6,450. Although down 11.89% YTD and about 34%...

    Lightning Labs New LSAT Protocol Promises To Do Away With Usernames And Passwords

    A statement from Lightning Labs CTO, Olaoluwa Osuntokun, revealed the specs of the Lightning Service Authentication Tokens (LSAT) which is expected to act as...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.