Will Bitcoin Shine During the Summer Months? A Look at Past June, July and August Performances
- Bitcoin does not seem to have good performances during July and August
- According to Cane Island Crypto, 75% of the times June’s momentum continues in July
Bitcoin (BTC) has been operating in a very positive way during the last few months. The virtual currency was able to more than double in price and the trend could continue in the future. However, according to the American cryptocurrency expert and investor, Cane Island Crypto, the market could experience a bloodbath during the summer.
Could Bitcoin Fall In The Coming Months?
In a recently released tweet, Cane Island Crypto showed that July and August tend to be historically bad months for Bitcoin. He has also mentioned that June’s momentum carries into July 75% of the time, for example, if June is negative, July has always been negative.
#Bitcoin through the years.
1) July and August are historically bad months for $BTC
2) However, June's momentum carries into July 75% of the time.
3) If June is negative, the following July has ALWAYS been negative. pic.twitter.com/1uAEbw2XI5
— Timothy Peterson (@nsquaredcrypto) June 7, 2019
The best months tend to be March and October. During the last years, these months have been positive several times with the exception of one month for March and two months for October. That means that the current price drop that Bitcoin experienced during the last few weeks could continue in the near future.
The crypto analyst Moon Overlord said that Bitcoin could dip down to the high $5,000’s low $6,000’s in the near future. In order to say so he takes a look at Bitcoin’s price performance in the last few years. He said that the largest dip was barely -40% and most of them are in the -30%’s
If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates.
The largest dip was barely -40%, most are in the -30%'s.
A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000's low 6000's pic.twitter.com/zsEr4HnuKz
— MOONOVERLORD (@MoonOverlord) June 5, 2019
Tuur Demeester, partner at Adamant Capital, said that the firm’s indicators show that there is “greed” after “capitulation.”
Currently, the most popular digital asset is experiencing a sudden price increase of 1.94% in the last 24 hours. Other digital assets such as Litecoin (LTC) are growing as much as 6.38%. Bitcoin has a price of $8,000 according to CoinMarketCap. Its valuation is $142 billion.
Bitcoin’s price is $47,431.73 BTC/USD exchange rate today. The real-time BTC market cap of $884.27 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $14.67 Billion and live coin value change of BTC -2.01 in the last 24 hours.