{"id":385472,"date":"2019-06-09T00:00:30","date_gmt":"2019-06-09T00:00:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=385472"},"modified":"2024-06-11T13:43:58","modified_gmt":"2024-06-11T13:43:58","slug":"bitcoin-summer-months-historically-bad-for-btc-bulls-watch-out","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-summer-months-historically-bad-for-btc-bulls-watch-out\/","title":{"rendered":"Bitcoin: Summer Months Historically Bad For BTC, Bulls Watch Out"},"content":{"rendered":"<p>Like many other markets, <a href=\"https:\/\/uniquehot.com\/2019\/06\/07\/the-bitcoin-network-is-more-secure-and-greener-than-ever\/\">Bitcoin<\/a> (BTC) is all about momentum, trends, and patterns. According to analyst <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/89522181\" rel=\"nofollow\">Cane Island Crypto<\/a>, a prominent American cryptocurrency investor, there is a relatively high likelihood that this market could see a dreary next three months.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2019\/06\/08\/analyst-litecoin-likely-to-double-in-coming-months-heres-what-may-cause-this-surge\/\">Analyst: Litecoin Likely to Double in Coming Months, Here\u2019s What May Cause This Surge<\/a><\/h6>\n<p>In a recent tweet, seen below, the investor accentuated that historically, July and August have been &#8220;historically bad months&#8221; 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.<\/p>\n<p>What&#8217;s 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?<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> through the years.  <br \/>1) July and August are historically bad months for <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a><br \/>2) However, June&#39;s  momentum carries into July 75% of the time.  <br \/>3) If June is negative, the following July has ALWAYS been negative. <a href=\"https:\/\/t.co\/1uAEbw2XI5\" rel=\"nofollow\">pic.twitter.com\/1uAEbw2XI5<\/a><\/p>\n<p>&mdash; Timothy Peterson, CFA CAIA (@nsquaredcrypto) <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/89522181?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>BTC Could Head Lower<\/strong><\/h2>\n<p>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 \u2014 during which this market went parabolic, saw a brief retrace, and then continued higher \u2014 it could fall to the low-$6,000s or even the high-$5,000s.<\/p>\n<p>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 cryptocurrency\u2019s expected \u201cmoon shot\u201d.<\/p>\n<p>https:\/\/twitter.com\/MoonOverlord\/status\/15947265<\/p>\n<p>On Twitter, legendary cryptocurrency investor<a href=\"https:\/\/uniquehot.com\/2019\/06\/05\/legendary-crypto-investor-bitcoin-retreating-7000-optimal\/\"> Trace Mayer explained<\/a> that he expects for Bitcoin to undergo a \u201cgentle retreat\u201d to anywhere from $6,500 to $7,500. His peer, Adamant Capital partner Tuur Demeester, echoed the analysis, writing in a note that his firm\u2019s indicators now read \u201cgreed\u201d after \u201ccapitulation\u201d.<\/p>\n<p>Using this information, Demeester remarked that a 2012-esque correction could be experienced, during which BTC may fall to the range of \u201cbetween $6,800 and $7,680\u201d, which is a 27% to 44% retrace of the upside rally.<\/p>\n<h2><strong>Bitcoin Still in Overarching Bull Trend<\/strong><\/h2>\n<p>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 Level\u2019s 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 <a href=\"https:\/\/uniquehot.com\/2019\/05\/28\/analyst-bitcoin-bull-market-confirmed-by-this-technical-indicator\/\">Guppy<\/a> being a lagging indicator, Rager notes that this recent technical occurrence is a \u201cstrong confirmation\u201d of a longer-term bull trend.<\/p>\n<p>https:\/\/twitter.com\/Josh_Rager\/status\/79843591<\/p>\n<p class=\"svecc-content-banner-added\">What\u2019s 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.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>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, Here\u2019s What May Cause This Surge In a recent tweet, seen below, the investor accentuated that historically, July and August have been &#8220;historically bad months&#8221; 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. What&#8217;s 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? #Bitcoin through the years. 1) July and August are historically bad months for $BTC2) However, June&#39;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 &mdash; Timothy Peterson, CFA CAIA (@nsquaredcrypto) June 7, 2019 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 \u2014 during which this market went parabolic, saw a brief retrace, and then continued higher \u2014 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 cryptocurrency\u2019s expected \u201cmoon shot\u201d. https:\/\/twitter.com\/MoonOverlord\/status\/15947265 On Twitter, legendary cryptocurrency investor Trace Mayer explained that he expects for Bitcoin to undergo a \u201cgentle retreat\u201d to anywhere from $6,500 to $7,500. His peer, Adamant Capital partner Tuur Demeester, echoed the analysis, writing in a note that his firm\u2019s indicators now read \u201cgreed\u201d after \u201ccapitulation\u201d. Using this information, Demeester remarked that a 2012-esque correction could be experienced, during which BTC may fall to the range of \u201cbetween $6,800 and $7,680\u201d, 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 Level\u2019s 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 \u201cstrong confirmation\u201d of a longer-term bull trend. https:\/\/twitter.com\/Josh_Rager\/status\/79843591 What\u2019s 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<\/p>\n","protected":false},"author":497,"featured_media":381765,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,6782],"class_list":["post-385472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-industry"],"acf":[],"yoast_head":"\n<title>Bitcoin: Summer Months Historically Bad For BTC, Bulls Watch Out<\/title>\n<meta name=\"description\" content=\"Like many other markets, Bitcoin (BTC) is all about momentum, trends, and patterns. 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