Bitcoin Forecast: Analyst Predicts High Probability of Price Decline This Month
A prominent crypto analyst anticipates that Bitcoin (BTC) is on the verge of establishing the bottom of its prolonged correction within this month. Known as Rager, the analyst shares with his substantial social media following on X platform that he foresees Bitcoin initiating the formation of a local bottom in the current month.
Rager emphasizes that the specific timing of Bitcoin’s lows is not crucial as he envisions a surge in Bitcoin’s value in the fourth quarter of this year. He states, “August and September present a significant opportunity for the low to potentially occur over the next month. Irrespective of the exact timeline, many individuals anticipate prices to rise in the next three to six months.”
To reinforce his optimistic long-term perspective on BTC, Rager presents a chart displaying substantial Bitcoin gains during the fourth quarters following its halving events. He urges, “Stay patient. Eventually, the situation will improve.”
The chart illustrates that Bitcoin experienced a surge of nearly 170% in the fourth quarter following its 2020 halving and around 60% during the fourth quarter after its 2016 halving. Currently, Rager indicates that conditions are aligning for another robust rally for Bitcoin in the fourth quarter.
Expressing his desire for sentiment to be at its lowest prior to the fourth quarter, Rager believes that significant turnarounds typically occur when sentiment is at its worst, excluding bear markets. He asserts, “I can’t think of a stronger signal than people giving up right before positive developments occur.”
At the time of writing, Bitcoin is trading at 57,55, reflecting a decrease of over 1% for the day.
In conclusion, the analyst’s insights suggest a potential positive trajectory for Bitcoin in the coming months, based on historical patterns and current market conditions.
