Bitcoin
BTC$61 250.62

-2.84%

Ethereum
ETH$4 042.30

-2.55%

Binance Coin
BNB$482.49

0.74%

Cardano
ADA$2.16

-0.54%

Tether
USDT$1.000245

0.03%

Solana
SOL$204.24

0.80%

Bitcoin hasn't seen 3 positive consecutive quarters since 2017


21 Sep 2020

#Bitcoin

Bitcoin has not seen three positive consecutive quarters since 2017, historical data shows. According to the latest data from Skew, Bitcoin (BTC) has not seen three positive consecutive quarters since 2017. If BTC ends Q4 with a net gain, it would be three consecutive winning quarters for the first time in three years.

Q4 has been mostly bearish for Bitcoin since 2018 


But historical data is not in Bitcoin’s favor as the last two Q4s closed with 42.54% and 13.6% drops, in 2018 and 2019, respectively. From late 2016 and up to 2018, Bitcoin saw five positive consecutive quarters to record an all-time high by the end of 2017. 

Analysts attributed that historic rally to two major factors. First, BTC saw a massive mainstream frenzy across major markets including the U.S. and South Korea. Second, BTC came off a block reward halving in July 2016, a generally bullish milestone event for the network.

A block reward halving has a positive impact on the price of BTC because it has a direct effect on its newly issued supply. A halving decreases the rate at which new BTC is created by half, causing the circulating supply to drop over time.

As such, BTC tends to see big rallies after halvings. The problem is that in 2016, the post-halving rally came 15 months after the halving occurred, and some analysts have indeed drawn similarities with how the beginnings of that bull run to the current period.

The latest halving, which occurs every four years, happened in May 2020. If a similar cycle as 2016 plays out, BTC would likely see an explosive rally by the last quarter of 2021.

However, since 2018, Bitcoin has underperformed during the fourth quarter. The subpar performance could be cyclical for various reasons. Investors in the U.S. could sell BTC for clarity on year-end taxation and holders in Asia might sell ahead of the new year.

But two factors could potentially boost the bullish case for BTC by the year’s end: gold’s rally and the dollar’s weakness. 

Strategists at the Swiss investment banking giant UBS expects gold to continuously rally throughout 2021. The prediction coincides with the fundamental weakness of the dollar against other reserve currencies.

What traders expect in the near term


In the near term, traders are becoming more cautious about the price trend of BTC, particularly as the U.S. dollar is starting to find some footing in the run up to the U.S. election. 

Meanwhile, technical analysts are closely observing two important technical levels at $10,500 and $10,000 for the price of Bitcoin. As Cointelegraph reported, losing the $10,000 support area could lead to a major pullback. The movement of whales indicates that the $9,800 support region has weakened, which might cause a bigger correction.

Edward Morra, a cryptocurrency technical analyst, said he remains bearish until BTC closes back above $11,000. He wrote: “Still bearish until it closes above $11k with conviction on daily. Looking for a reaction at ~$10500-10450, this is closest support on daily.”

Source


Related

Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
The price of Bitcoin jumped towards its all-time high on Friday morning
The price of Bitcoin jumped towards its all-time high on Friday morning
Bitcoin to new all time highs?
Bitcoin to new all time highs?
Bitcoin approaches all-time high but hits resistance at $60,000
Bitcoin approaches all-time high but hits resistance at $60,000
New tickers and ARK filing shows Bitcoin futures ETF approval imminent
New tickers and ARK filing shows Bitcoin futures ETF approval imminent

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 250.62 -2.84% -0.77% $1 154 674 094 562 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $4 042.30 -2.55% 5.39% $477 150 448 535 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 60 $482.49 0.74% 2.70% $80 480 315 639 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 12 $2.16 -0.54% -2.20% $71 185 024 084 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000245 0.03% 0.09% $69 591 162 791 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 55 $204.24 0.80% 29.17% $61 440 079 262 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 51 $1.096102 -0.97% -3.88% $51 457 996 304 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60% 79 $44.55 -0.99% 2.11% $43 999 075 422 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 56 $0.246907 0.64% 4.09% $32 542 542 435 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000313 0.06% 0.09% $32 442 834 043 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 65 $43.44 5.78% 17.86% $17 443 010 900 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 47 $25.79 -2.88% -0.74% $15 775 566 720 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 65 $66.57 4.10% 17.36% $14 663 644 845 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $61 265.73 -2.87% -0.84% $13 545 425 709 WBTC 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.8% 50 $29.07 -0.32% 7.40% $13 401 075 815 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.