History generally repeats itself over time. Unfortunately, for the Bitcoin investors, this is not a reality when you consider the historic of the Bitcoin price in the second quarter of the year. As the period was finished this week, the figures indicate that Bitcoin fell 8% during the quarter according to the CoinDesk Bitcoin Price Index.
This is the first time that a seven year streak is broken by the token. If you actually see the numbers, Bitcoin has always been good on the second quarter since its inception and this performance was the worst in its history.
Many bulls were expecting the token to rise in price after the second quarter and to regain all the lost money, but that did not happen, as the token had new lows in June.
From April To June: Bitcoin’s Fall
During April, it was clear that the bearish sentiment was extreme. Many believed that the prices would drop even lower than they are today ($2,800 USD according to predictions against the current $6,000 USD), but the market started to recover a bit.
As soon as reports that Soros and Rockfeller were investing in cryptos, the bullish movement increased and the price of the token rose for some time. Because of this, a month that started badly ended up well and Bitcoin was again in the $10,000 USD mark with a 33% gain.
May was the month that shattered the investor’s hopes. The big break over $10,000 simply never happened and things definitely took a turn for the worst during the half of the month. May ended with losses of 19%, losing most of what the token had gained after the brief bullish period in the latest month.
June was even worse. The bearish sentiment was really strong this month and the token suffered a pennant breakdown (which is a bearish continuation pattern). This meant that the Bitcoin prices fell to the abyss and below $6,000 USD per BTC, the lowest price since November 2017 before the market exploded in the end of the year.
At the moment, Bitcoin is trading at $6,560 USD and it looks like, if the bearish sentiment continues, the market might test the $5,000 USD mark in the third quarter of the year.
The Upcoming Third Quarter Outlook
Even if what is most visible at the market right now is doom and gloom, some studies show the market can, indeed, get at least a bit better soon. As history shows, the last bear market of BTC ended with an upside break that was followed by two years of bull market.
This means that there is some space to be optimistic but that you should not be too optimistic and bulls are cautioned against being too ambitious when there is a clear chance that the price of Bitcoin might reach new lows.