• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO
Advertisement

Summer Bitcoin Price Analysis: The Good, The Bad, And The Ugly

Kyle Baird by Kyle Baird
5 years ago
in Bitcoin Price, Bitcoin, News, News teaser
0
Advertisement

The price action of Bitcoin is on everyone’s mind as we roll steadily towards the start of 2018’s third quarter. Let’s take a look at a few different scenarios for the rest of Bitcoin’s summer and the second half of the year. 


To The Moon And Back

It is best that we first take a look at the Bitcoin chart on a macroscopic level to get an idea of where we have been, as well as the potential avenues we could go down for the remainder of 2018.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Below is the daily Bitcoin price from the end of April 2017 until the present.

Looking at the beginning of September 2017, Bitcoin reached a then-all-time high of $5,000. At that time, the level acted as a resistance and sent the price back down for a re-test of the previous top of around $3,100.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

It was from this point that everyone watched in amazement as Bitcoin launched off on a three-month moonshot taking it to $20,000 — accounting for more than a 520 percent increase.

In the two months that followed, Bitcoin saw equally high volatility — this time to the downside, pulling back 65 percent of the total gains made during the September to December run-up.

Fast forwarding through the spring, Bitcoin was halted at its third test of the $11,600 ceiling — pushing the price down under a huge downward trend line, where it remains trapped to this day.

The Good, The Bad…

To really understand the possible scenarios for the remainder of the summer (and 2018 as a whole) we need to bring our focus in.

The chart below is the daily price action of Bitcoin from the beginning of April to the present day. We can see the light blue downward trend line depicted in the first chart, as well as the 200 and 100-day moving average lines. The green line is the first potential support level created by the all-time high price from Septemeber 2017.

One particularly interesting thing to notice is the step pattern that began just under the downward trend line and slightly below the 200-day moving average, at the beginning of May.

In the top ‘step,’ there was an almost 19 percent loss, followed by a few days of small gains, and another ‘step’ down — this time a 21 percent loss. The third ‘step’ continued to follow the pattern set by the previous two, dipping nearly 19 percent and then making some small gains, nearing the downward trend line.

We are currently in the middle of what seems to be the fourth ‘step.’ Taking a rough average of the percentage lost in the previous ‘steps’ — it is very probable that in the next few days Bitcoin could dip to $5,500.

If the pattern completes a fourth ‘step’ — there are two likely outcomes for the month of July.

The first possibility — since the price is so close to the top horizontal support of $5,000 — is that there will be no need for another ‘step,’ and the fourth step could see a loss of around 27 percent within the next few days.

The second possibility is that Bitcoin completes the fourth ‘step’ and — similar to the others — will be followed by a few days to close out June, with low percentage gains that push the market leader back up towards the downward trend line. In this case, we could see a final fifth ‘step’ that takes Bitcoin on another plunge from around $6,100 to $5,000 — another roughly 19 percent drop.

…And The Ugly?

In the two likely possibilities laid out above — Bitcoin remains under the downward trend line and reaches a 2018 low point of around $5,000 sometime in the next three weeks. From that point on, it is difficult to speculate what the third and fourth quarters will look like for Bitcoin.

Still, there are some possible scenarios — as laid out in the following chart.

The downward trend line and top horizontal support at $5,000 are pushing the price deeper into a wedge. $5,000 — as well as being a previous high last year — is a huge psychological floor for most who are invested.

This could either work as an advantage or disadvantage depending on one’s particular strategy. There will likely be huge buying power at $5,000 that could really make a perfect spot for many people to enter the market or to add to their positions.

On the other hand, if enough Bitcoin is sold off at the right time throughout July, there could be a huge panic sell-off — causing many to finally abandon their hands at a loss. This would likely take the price towards the $3,000 or even $1,100 levels.

Light At The End Of The Tunnel

There may be some solace to be had, no matter what scenario ends up playing out.

There has to be a bottom somewhere. For those who have been invested for years, this situation is nothing new. Remain focused and try your best to add to your position wherever you think the bottom might be.

For those who got in during the run-up late last year — or somewhere during the downward trend of this year — use this as a valuable lesson regarding the nature of the beast that you are invested in.

If you are a newcomer who is looking to get your feet wet in cryptocurrency investing — there may never be a better time from here on out.

What do you think is the future for Bitcoin for the third quarter and remainder of the year? Are you still confident in cryptocurrency? Let us know your thoughts in the comments below! 


Images courtesy of TradingView.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Coinbase. The charts for analysis are provided by TradingView.]

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Kyle Baird

Kyle Baird

Related Posts

Bitcoin Mining

Bitcoin Miners Find Relief As Revenues Spike To Highest Since June 2022

3 hours ago
bitcoin investor

Matrixport Reveals The Investor Demographic That Is Driving The Bitcoin Rally

4 hours ago
Crypto

Crypto Fear And Greed Index Surges To 16-Month High As Bitcoin Breaches $28,000

10 hours ago
Bitcoin

Bitcoin Bullish Signal: Transaction Activity Hits Highest Since April 2021

19 hours ago
bitcoin 1970s gold fractal

Is Bitcoin Following An Explosive 1970s Gold Fractal?

22 hours ago
Banking Crisis Causes $26 Billion Increase in Bitcoin Market Cap

Banking Crisis Sees Bitcoin Market Cap Rise By $26 Billion

22 hours ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Becoming Borderless Pioneers. Bware Labs Roadmap and...

    2 hours ago
  • Learn why TMS Network (TMSN) is growing exponentially, in...

    4 hours ago
  • TMS Network (TMSN) surging 1100%, While TRON (TRX) and...

    4 hours ago
  • Could TMS Network’s (TMSN) trading platform help...

    5 hours ago
  • Terra Classic Price Prediction Provided By Avorak AI...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.