Bitcoin has been struggling this summer, with prices dropping significantly since June. But some analysts believe the downturn is nearing its end.
A Look Back to 2023
One analyst, Crypto Jelle, is drawing parallels between this summer’s Bitcoin performance and last year’s. He points out that the summer slump of 2023 lasted about seven months (219 days). Since this year’s slump has already been going on for six months (190 days), Jelle predicts that Bitcoin could see a rebound by early October.
Open Interest and the Potential for a Rally
Another analyst, Credible Crypto, also sees signs of a potential Bitcoin rally. He believes that the recent price drop below $57,000 could mark the end of the drawdown. While there hasn’t been a surge in buying yet, he’s optimistic that a relief rally could be on the horizon. He’s also encouraged by the recent drop in open interest, which could signal a shift in market sentiment.
Overall, while Bitcoin has faced a challenging summer, there are some signs that the worst may be over. Analysts are watching closely for signs of a rebound, and the coming weeks could be crucial for the cryptocurrency’s future.
