{"id":632909,"date":"2024-08-03T05:00:57","date_gmt":"2024-08-03T05:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=632909"},"modified":"2024-08-02T17:29:11","modified_gmt":"2024-08-02T17:29:11","slug":"will-august-again-be-a-drag-for-bitcoin-heres-what-historical-data-says","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/will-august-again-be-a-drag-for-bitcoin-heres-what-historical-data-says\/","title":{"rendered":"Will August Again Be A Drag For Bitcoin? Here’s What Historical Data Says"},"content":{"rendered":"

In the Bitcoin and the overall crypto market, August has long been observed as a quieter month, with historical data showing a consistent downturn in both activity and asset value during this time of the year. Coinbase’s analysis<\/a> further highlights this pattern in its latest weekly report. According to Coinbase analysts David Duong and David Han, there is a noticeable reduction in trading volumes and a decrease in the market’s dynamism<\/a> that characterizes the month.<\/p>\n

An Impending Major Dip For Bitcoin In August?<\/h2>\n

The analysts point out that this seasonal trend can’t be seen as a mere coincidence as it is a recurrent phenomenon. In the “Coinbase Weekly” report, they cited that Bitcoin spot volumes in August 2023 fell by 19% compared to June of the same year.<\/p>\n

Related Reading: Bitcoin\u2019s Price Potential: Analyst Maps Path To $700,000 And Beyond<\/a><\/p>\n

Similarly, Bitcoin futures volumes dipped by 30% across global centralized exchanges during the same timeframe. This decreased activity is significant enough to influence market behavior<\/a>, potentially leading to increased volatility due to thinner liquidity. The Coinbase\u2019s report further details that on average, Bitcoin has shown a decline of 2.8% in August over the last five years.<\/p>\n

According to the analysts, this trend is not isolated to Bitcoin; it reflects a broader market behaviour<\/a> that could be attributed to various factors, including seasonal investment<\/a> shifts and lower participation rates during the summer months in many regions. They further predicted that this August may not stray from the established pattern, expecting a continuation of subdued market performance.<\/p>\n

Outlook From Analysts In The Community<\/h2>\n

Echoing the sentiment from Coinbase, other prominent figures in the crypto space have shared their observations. Analyst Jelle pointed out<\/a> on Elon Musk’s social platform X that despite a positive close in July, the historical struggle of the market in Q3 is quite noteworthy, with recovery often not beginning until October.<\/p>\n

\"Bitcoin
Bitcoin monthly returns. | Source: Jelle on X<\/figcaption><\/figure>\n

Similarly, analyst Micheal Van De Poppe suggested<\/a> that while August and September typically record poorer performance, there might be a shift in momentum starting mid-August, potentially setting the stage for new all-time highs<\/a> in the following months.<\/p>\n

Related Reading: Is A Major Bitcoin Dip Coming? What the Coinbase Index Tells Us<\/a><\/div>\n

Van De Poppe also disclosed that to see Bitcoin’s continuation towards its all-time high (ATH), price would need to hold above $60,000 to 61,000 region.<\/p>\n

\"Bitcoin
BTC price is moving downwards on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Meanwhile, at the time of writing, Bitcoin has seen a slight uptick increasing by 0.7% while still trading above $63,000. Commenting on BTC’s current price action, Jelle noted<\/a>:<\/p>\n

Bitcoin is still trading inside the channel we’ve spent the past months inside of, but holding above key supports. Looks like a breakout is getting closer by the day. Patience, until then.<\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

In the Bitcoin and the overall crypto market, August has long been observed as a quieter month, with historical data showing a consistent downturn in both activity and asset value during this time of the year. Coinbase’s analysis further highlights this pattern in its latest weekly report. According to Coinbase analysts David Duong and David Han, there is a noticeable reduction in trading volumes and a decrease in the market’s dynamism that characterizes the month. An Impending Major Dip For Bitcoin In August? The analysts point out that this seasonal trend can’t be seen as a mere coincidence as it is a recurrent phenomenon. In the “Coinbase Weekly” report, they cited that Bitcoin spot volumes in August 2023 fell by 19% compared to June of the same year. Related Reading: Bitcoin\u2019s Price Potential: Analyst Maps Path To $700,000 And Beyond Similarly, Bitcoin futures volumes dipped by 30% across global centralized exchanges during the same timeframe. This decreased activity is significant enough to influence market behavior, potentially leading to increased volatility due to thinner liquidity. The Coinbase\u2019s report further details that on average, Bitcoin has shown a decline of 2.8% in August over the last five years. According to the analysts, this trend is not isolated to Bitcoin; it reflects a broader market behaviour that could be attributed to various factors, including seasonal investment shifts and lower participation rates during the summer months in many regions. They further predicted that this August may not stray from the established pattern, expecting a continuation of subdued market performance. Outlook From Analysts In The Community Echoing the sentiment from Coinbase, other prominent figures in the crypto space have shared their observations. Analyst Jelle pointed out on Elon Musk’s social platform X that despite a positive close in July, the historical struggle of the market in Q3 is quite noteworthy, with recovery often not beginning until October. Similarly, analyst Micheal Van De Poppe suggested that while August and September typically record poorer performance, there might be a shift in momentum starting mid-August, potentially setting the stage for new all-time highs in the following months. Related Reading: Is A Major Bitcoin Dip Coming? What the Coinbase Index Tells Us Van De Poppe also disclosed that to see Bitcoin’s continuation towards its all-time high (ATH), price would need to hold above $60,000 to 61,000 region. Meanwhile, at the time of writing, Bitcoin has seen a slight uptick increasing by 0.7% while still trading above $63,000. Commenting on BTC’s current price action, Jelle noted: Bitcoin is still trading inside the channel we’ve spent the past months inside of, but holding above key supports. Looks like a breakout is getting closer by the day. Patience, until then. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":632911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,630,6848,1119,78790,6664,10923],"class_list":["post-632909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market-analysis","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nWill August Again Be A Drag For Bitcoin? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will August Again Be A Drag For Bitcoin? 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