The summer of 2024 has not been kind to Bitcoin, with the price experiencing significant volatility and flash crashes. The price of Bitcoin dropped from over $70,000 to below $50,000 in a short period of time, sparking concerns among investors. However, crypto analyst Crypto Jelle has identified similarities with the summer of 2023 that suggest a potential recovery may be on the horizon.
According to Crypto Jelle, the summer chop of 2023 lasted a total of 219 days, or approximately seven months. By comparing this to the current summer chop, which has been going on for 190 days, it is speculated that there may be around one month left before the bearish phase comes to an end. The analyst predicts that if the trend continues, the chop-season could end around the start of October.
Another crypto analyst, @CredibleCrypto, had previously predicted a drawdown for Bitcoin, which was followed by a price crash below $57,000. However, the analyst now believes that the market is ready for a recovery. Despite a wipe of open interest (OI) from the market, @CredibleCrypto remains optimistic about potential buyer activity in the near future.
As September unfolds, investors are eagerly awaiting to see if the bearish trend will continue or if a recovery is on the horizon. The summer of 2024 has been particularly challenging for Bitcoin, with significant price fluctuations causing uncertainty in the market. However, market analysts remain hopeful that the current chop-season will soon come to an end, potentially marking the beginning of a new rally for the pioneer cryptocurrency.
The summer of 2024 has presented unique challenges for Bitcoin investors, with the price experiencing significant volatility and flash crashes. However, market analysts are optimistic about a potential recovery in the near future, pointing to similarities with the summer of 2023. As the month of September progresses, all eyes will be on the Bitcoin price to see if the bearish trend will continue or if a new rally is on the horizon. Only time will tell how the market will unfold in the coming weeks.
Leave a Reply