In times of uncertainty, I often reflect on the past for guidance. Such was the case this afternoon regarding the price of bitcoin. At first glance today, I thought that Bitcoin was recovering, but I wasn’t sure. I opened my charting software and looked for patterns from previous years.
One clear pattern stood out: Bitcoin has a pullback in summer and breaks out in the fall.
2015
This is a 1 week chart, meaning each candlestick represents an entire week. We can see the growth of Bitcoin continued until the week of July 13th. After the initial pullback, there was a temporary increase in price. Shortly thereafter the price continued to decline until we reached September.
I could only go back to 2015 on Trading View, but we saw similar events unfold in 2014 as well.
2016
In 2016 we saw the pump continue until late June. However, the results were basically the same. A temporary price recovery, followed by several months of trading down and sideways. Like clockwork, the market woke up again in the fall. Noticing a pattern here?
2017
So that brings us to this summer. I fear that people are purchasing Bitcoin now in anticipation of a price recovery. I am not saying it can’t happen, but history sides against it. I recommend being very careful during these next two weeks. This summer could be an excellent time to accumulate your favorite cryptos ($3.00 STEEM 2018).
Take care,
Stone