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At the end of the second quarter, Bitcoin’s quarterly returns remain green

June 24, 2020

Seven days after the end of the first half of 2020 Bitcoin’s quarterly performance continues in greenThis follows the historical trend, according to Skew on his official Twitter account.

According to the table provided by the Skew cryptocurrency analysis company The price of Bitcoin followed the historically positive development in the second quarter since 2014with the fourth best performance in this period since then with a cumulative performance of + 48.44%.

Though the data reflected by the analytics firm indicates a negative period for the second quarter of 2008, Bitcoin’s quarterly performance over the next two years appears to find the winning path of the first periods of launching the market-leading cryptocurrency.

At the end of the second quarter, Bitcoin’s quarterly returns remain greenAt the end of the second quarter, Bitcoin’s quarterly returns remain green

The fourth quarter of 2017 is still the most successful time for the price of Bitcoin for the time being. With an exceptional quarterly return of + 210%, this is the highest so far, according to Skew data.

However, the history shows that the next period to be entered is one of the darkest for the cryptocurrency. except for the year of the ICOs and the historic bull run in 2017, when the price was overvalued for the opinion of many analysts.

If the above continues its historical trend, then we will likely see a drop in bitcoin priceswho have so far failed to catapult more than five digits after this key resistance cap for the crypto asset has been repeatedly rejected.

Bitcoin current situation

The Bitcoin price was currently traded in a price sidebands Between USD 9,583.47 and USD 9,707.40 after a bullish break last Monday, the 22nd, which enabled + 5.41% “+500 units” to be won in a single day.

Since then, it has generated a triple Elliot correction wave, the may have a bullish breakout towards the USD 9,800-9,900 zone This enables a close five-digit goal.

Despite the optimism prevailing on the market for many analysts It should be noted that Bitcoin’s dynamic range of $ 9,700 should generally be solid if the bulls really want to take control of the market and move towards the $ 10,000 zone.

In this regard, the RSI and Aaron indicators have posted bullish signals. The values ​​indicate a slight correction that fits perfectly into Elliot’s correction pattern, but without falling into the depressive zone of monthly support that we had as a possible short-term goal until a few days ago.

Currently, the BitMex daily chart for the BTC / USD pair shows that the target area of ​​the weekly opening we had at the beginning of the current month is still far away for BTC, but with one Pattern that prints higher and lower minimum valuesIt is not surprising that the price can reach the desired area of ​​USD 9,800 in the short term.

The worst scenario would be a downside break that points to the historic third quarter path for the leading cryptocurrency, as Skew graphically demonstrates. To achieve it, the price has to pull its key resistor 1W back to the $ 9,560 level.

The views and opinions expressed here are solely those of the author and do not necessarily reflect Cointelegraph’s views. Every investment and trade movement carries risks. You have to do your own research when making a decision.