A popular crypto analyst thinks Bitcoin (BTC) is about to hit its lowest point this month.
Bitcoin Could Bounce Back in Q4
The analyst, known as Rager, believes that Bitcoin will start to recover in the last quarter of the year, even if it hits a low point this month. He thinks the exact timing isn’t important, as Bitcoin will likely be higher in the next few months.
“There’s a good chance the low point will be in the next month,” Rager said. “But even if it’s not, most people agree that Bitcoin will be higher in the next three to six months.”
Looking at Past Performance
Rager points to Bitcoin’s past performance as evidence for his prediction. He shared a table showing that Bitcoin saw huge gains in the fourth quarter of the years it was “halved” (when the number of new Bitcoins created is cut in half).
In 2020, Bitcoin rallied by almost 170% in the fourth quarter. In 2016, it rallied by about 60%. Rager believes this pattern suggests another strong rally is coming in the fourth quarter of this year.
Low Sentiment Could Signal a Turnaround
Rager thinks the current low sentiment in the crypto market could actually be a good sign. He believes that a turnaround often happens after the worst sentiment.
“I actually want the sentiment to be as low as possible before the fourth quarter,” he said. “Usually, things turn around after the worst possible sentiment (except during bear markets). It’s a good sign when people give up right before things get good.”
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $57,55, down over 1% for the day.
Disclaimer:
This information is for educational purposes only and is not financial advice. Always do your own research before investing in any cryptocurrency. /p>
