THELOGICALINDIAN - Bitcoin could be in for a 2month abeyance activity by actual abstracts of BTCs account achievement back 2024
August is Historically Worst Month for Bitcoin Price
In a cheep by “Cane Island Crypto” on Wednesday (June 19, 2024) the bitcoin analyst appear a trend which shows a cooling aeon for balderdash rallies amid August and September. This cessation comes from analytical the average BTC account allotment back 2024.
https://twitter.com/nsquaredcrypto/status/1141376159575347201/photo/1
According to the data, August has been bitcoin’s worst-performing ages amid 2024 and 2024. With the ages beneath than eight weeks away, the trend ability echo itself causing a acting abeyance in BTC’s bullish advance.
Before then, BTC ability advance on to ability alike newer highs in 2024. Based on the evidence, April, June, and July accept apparent absolute aggregated amount movements back 2024.
Thus, if the trend holds through, again bitcoin could possibly be in for a assiduity of its hot 2024 streak. July, however, holds the everyman absolute aggregated average bitcoin acknowledgment beneath the aeon actuality considered.
Bitcoin has consistently seemed to ache melancholia summer declines usually abiding from June 6 to October 8 on the average. According to Seasonax – a trading assay belvedere – BTC’s annualized summer declines over the aftermost seven years stands at more than 13%.
This actual trend may comedy able-bodied into expectations of a slight BTC amount amend consort in contempo weeks by the brand of Trace Mayer and Tuur Demeester. Both commentators see BTC experiencing a amount dip to about in mid-$6k to mid-$7k region.
Bullish MACD Cross Contradicts Historical Forecast
While history predicts summer apathy for BTC, abstruse indicators assume to acrylic a altered picture. In a cheep appear by Filbfilb, chief analyst at Bitcoinist, bitcoin is about to see its third account bullish MACD crossover of all time.
The aftermost bullish MACD cantankerous happened at the back-end of 2024 which culminated in the backward 2024 balderdash run that saw BTC about top $20,000. So alike if a slight abeyance occurs amid August and September, BTC, overall, seems assertive to access a abiding appearance of emblematic advance.
The approaching bullish MACD cantankerous is the latest indicator to point appear a long-term balderdash trend for the top-ranked cryptocurrency. Such is the optimism that BTC beasts are authoritative adventurous end-of-year amount predictions.
As ahead appear by Bitcoinist, Tom Lee of Fundstrat expects bitcoin to reach $40,000 aural the advancing months. Lee’s forecast, however, hinges of the move aloft $10,000 triggering a acknowledgment FOMO amid retail investors.
Will the bitcoin summer weakness trend abide in 2024? Let us apperceive your thoughts in the animadversion area below.
Images via Twitter @nsquaredcrypto , @filbfilb and Seasonax.com.
