Bitcoin is becoming widely unpredictable lately. We saw a golden cross that is supposed to indicate the start of a new bullish but the king coin is experiencing a price dip instead. The market is slowly falling into another era of unforeseen FUD as the fear and greed index reading is slowly dropping. The theory of a golden trap is slowly gaining ground amongst traders and leading to questions like when will BTC recover? are we going to see the king coin worth six digits worth this year?
Will Bitcoin Recover?
Many traders are puzzled about the reason why bitcoin is dipping and when it will end. It is important to take note of the bitcoin quarterly return to get a hint of how prices will play out. We are currently in the third quarter of the year and taking a look at the returns, we see that of seven Q3, the largest crypto ended four at loss. Currently, this year’s third quarter is up by 20%.
The image above shows the largest coin by market cap returns on previous September. It is hard not to notice that BTC lost seven to the bears and on average. a loss of 9.4% is seen. Currently, the largest crypto is down by 10%. The third quarter has the reputation of more loss than gains as well as the month under consideration. Using the preceding price action to predict the next, we may see another 10% drop that will leave BTC at $38k.
The last 24 hours have seen stabilize between $41k and $42k. Bitcoin has to gain more leverage against the current price correction by surging to $50,000 before the month’s end. Failure to flip $50k may result in the above prediction coming true. A prolonged stay above $40k will only delay the inevitable.
Will BTC Attain Six Digits?
Bitcoin performance as of the time of writing does not support the prediction that it may attain $100,000 this year. This means we need a “super rally” to surpass the current digits. Will we see such a rally? When will it start?