Analyst: The summer months have historically been bad for Bitcoin

09 Jun, 2019
by Richard Allen
Price Analysis
Analyst: The summer months have historically been bad for Bitcoin

According to a prominent crypto investor, Cane Island Crypto, there is a pretty good chance that the crypto markets could have a bleak few months.

By analyzing Bitcoin’s historical performance, the months of July and August have been “historically bad months.” As the chart shows, the summer months have been characterized by negative returns. By comparison, months like March, September and October have seen positive returns of hundreds of percent.

Additionally, if June records a mediocre performance by the top cryptocurrency, there is a 75% chance that this momentum will carry through into July.

Despite the bulls regaining control, other investors and traders have made similar predictions.  Analyst Moon Overlord stated that a 35% correction to around $6,000 from a peak of $9,100 would be a good thing for the market, as Bitcoin’s movement from those levels would likely create a solid foundation for good long-term performance.

Similarly, prominent trader Josh Rager noted that Bitcoin will likely continue to trade sideways for the time being, but suggested that if the coin fails to close trading above the $8,000 region it becomes increasingly likely that we’ll see BTC drop in the near future.

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