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bitcoin turbulent summer hot dog days
Nexo

Analysts Warn of Turbulent “Dog Days” of Summer; Will Bitcoin’s Rally Survive?

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin
0

Bitcoin has found itself once again the talk of the finance world, even stealing some of the luster from the gold rally. And although August is normally a slow month for markets, analysts are warning of an especially turbulent summer. 

With the dog days of summer ahead, and continued economic shakeup, can Bitcoin’s recent bull rally survive the expected turbulence and heat?

Top Analysts Warn of Untypical August Economic Turbulence and Virus-Related Volatility

Bitcoin price has been on an upward path since early April. But the further into the summer, the hotter Bitcoin’s rally became. In the last weeks of July, the cryptocurrency finally took out resistance at $10,000 and surged to $12,000 at the high.

August is here, and while it is typically a slow month in markets, analysts are warning that things could be more turbulent than normal.

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According to Lindsey Bell, chief strategist at Ally Invest, the volatility could be due to “the fluid coronavirus situation, the uncertainty regarding the timing of fiscal stimulus and signs of economic data stalling out.”

Michael Antonelli, a market strategist at Robert W. Baird & Co., agrees, telling MarketWatch that August is “notoriously slow” but fiscal stimulus and the virus are “unique to 2020 and might ratchet up volatility.”

bitcoin btcusd august 2020

BTCUSD August Performance | Source: TradingView

Will Bitcoin See Continuation Or Catastrophe In the “Dog Days” of Summer?

Volatility isn’t always a bad thing, as price fluctuations are what drives profitability. However, the month of August could have ancient negative undertones.

According to ancient Romans and Greeks, Alpha Canis Majoris or the dog star would appear to rise ahead of the sun in early August. These “dog days” of summer, would bring about “catastrophe” and “fever” claims National Geographic.

Given the current global environment of economic disaster and a virus once again rising in numbers coinciding with the celestial event, things could get turbulent as analysts are predicting.

Bitcoin recently broke out from a tight trading range, so continued volatility in the asset is extremely likely heading into the new month.

RELATED READING | HOW “PICTURE PERFECT” MACRO UNCERTAINTY WILL KEEP GOLD, BITCOIN TRENDING

Economic uncertainty has benefited Bitcoin recently, alongside precious metals like gold and silver. But with those assets potentially peaking, and stimulus efforts taking hold in the back half of the year, there’s potential for catastrophe in the cryptocurrency.

If Bitcoin takes the path of responding to an uptick and resurgence in the virus, another Black Thursday like crash could cripple the crypto asset.

A recent flash crash over the weekend acted as a reminder that although Bitcoin has been on a powerful uptrend, catastrophic crashes aren’t out of the question.

Is that’s what is ahead for the crypto market as the dog days of summer unfold?

Featured image from Deposit Photos.
Charts from TradingView.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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