Bitcoin’s price has dropped almost 2% since yesterday, but the sentiment on the crypto market is still positive.
The sentiment-trThe aforementionedcking Crypto Fear & Greed Index posted a “Greed” Bitcoin dropped one point in the score on Wednesday.BTCAfter nearly hitting $108,000 in the previous day’s trading, ) has pulled back by 1.79% and dropped to $105,560. according CoinMarketCap provides data on the market.
In a Q3 that has been historically terrible, the mood remains strong.
Analysts have predicted when Bitcoin will retest the all-time record high of $111 970, which was reached on May 22, 2018. The price of Bitcoin hovered around $109,000 on Monday before falling into a short-term downward trend.
Some analysts have pointed out that Bitcoin’s performance is generally weaker in the third-quarter, which began July 1.
The historical data shows that this quarter has been the slowest for both. Daan crypto trades: “$BTC and $0.ETH” said Tuesday is the day.
Bitcoin is up an average of 5.47% in the third quarter every year since 2013. according CoinGlass. If that trend holds, it would place Bitcoin’s price around $111,000 on Sept. 30 — just shy of its all-time high of $111,970.
Daan says the lower performance in the third quarter was due to the “slower summer months where there’s generally less action, volumes [and] liquidity.”
Bitcoin’s Q2 performance was in line with the average.
Bitcoin closely matched its historical average performance during the second quarter, which ended June 30, posting a 31% gain at $108,383 — approximately 4% above the 27% average Q2 return since 2014. Bitcoin has been a disappointment. ended the month of June With its largest monthly candle.
Related: Strategy buys $531M of Bitcoin as sentiment rebounds above $107K
Bitcoin is still a dominant market. Bitcoin dominates the market at 65.5%. This is up by almost 13% this year. according TradingView is a trading platform.
CoinMarketCap Altcoin Season IndexThe, which measures the relative performance of 100 top altcoins to Bitcoin in the last 90 days, has reached a “Bitcoin Season” A score of 20 is out of 100.
CryptoQuant’s director of research Julio Moreno. said On Wednesday, CryptoQuant’s Bitcoin Bull Score Metric declined to an uncertainty level.
“Bitcoin Bull Score is in NEUTRAL territory now– 50. Needs to be 60 or above for prices to sustain a rally,” Moreno said.
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Source: cointelegraph.com
