Summer Months Are Historically Bad For Bitcoin: Report

A new report is viral on many best cryptocurrency news sites, showing that the summer months have been historically bad for Bitcoin and that the dominant cryptourrency tends to lose traction in the summer.

As the analyst Cane Island Crypto who is a popular American cryptocurrency investor recently noted, there is a high likelihood that the market sees a new correction in the next three months. He said that just like many other markets, Bitcoin (BTC) is all about momentum, trends and patterns.

In a recent tweet, Cane Island Crypto said that the summer months of July and August have been “historically bad months” for Bitcoin. As seen in the chart within his tweet, the summer months are the only two with a negative total return – all while months such as March, April and October have shown positive returns in the hundreds of percent.

As the coming altcoin news show, the entire sentiment around Bitcoin affects the altcoins too. So, if Bitcoin performs poorly in June, it may continue like that in the upcoming summer months – and there is a 75% likelihood that the market will continue to suffer throughout the summer, too.

#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 (@nsquaredvalue) June 7, 2019

Obviously, there are optimistic investors too. However, there are a number of investors who are fearful that Bitcoin could head lower from here despite the relent in bearish selling pressure. For example, the trader named Walter Wyckoff noted that if BTC is mirroring the price action in 2015 – during which it saw a brief retrace – it could fall to the low $6,000s or the high $5,000s.

Another analyst with a handle Moon Overlord said that if you are looking to buy the dip, you should look to the previous run for templates. He indicated that the largest dip was barely around 40% and most of them are in the 30%’s, saying that the summer months may not be that bad for BTC after all.

https://twitter.com/MoonOverlord/status/1136250450615947265

What is important to note is the fact that Bitcoin is still in an overarching bull trend. As the latest cryptocurrency news show, the cryptocurrency is solid on the month and was in the bull trend on many popular sites.