{"id":639957,"date":"2024-09-05T10:30:33","date_gmt":"2024-09-05T10:30:33","guid":{"rendered":"https:\/\/wncen.com\/?p=639957"},"modified":"2024-09-05T05:23:05","modified_gmt":"2024-09-05T05:23:05","slug":"bitcoin-summer-chop-end","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-summer-chop-end\/","title":{"rendered":"Crypto Analyst Says The Bitcoin \u2018Summer Chop\u2019 Is Nearing Its End, Here\u2019s Why"},"content":{"rendered":"

Summers have historically been very bearish for the Bitcoin price<\/a>, and the year 2024 has been no different. Since summer began in June, the price of Bitcoin has been very weak, with multiple flash crashes rocking the pioneer cryptocurrency at various points. So far, the Bitcoin price has gone from over $70,000 to below $50,000 at one point.\u00a0However, this could all be coming to an end as a crypto analyst has pointed out similarities with the summer of 2023 that\u00a0<\/span>suggest a recovery is imminent<\/a>.<\/span><\/p>\n

When The Summer Chop Might End<\/h2>\n

Crypto analyst Crypto Jelle, comparing the number of days that previous summer chops have lasted, has come up with a likely timeline for when the Bitcoin price decline<\/a> could come to an end. Mainly, he takes into account the performance of Bitcoin in the summer of 2023 and how many days it lasted before it officially came to an end.<\/p>\n

Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally<\/a><\/div>\n

According to the post, the summer chop of 2023 actually lasted a total of 219 days, or approximately seven months. Given that trends like these tend to mirror each other, there is a chance that the current summer chop could last around the same time as that of 2023 did.<\/p>\n

The analyst points out that the current summer chop has been going on for 190 days, or approximately six months. Going by the duration of summer 2023, it means there is still around one month left to go before the bearish phase is finally over.<\/p>\n

This suggests that the month of September will continue to be choppy for the Bitcoin price<\/a>. However, the good news is that it is likely the last month of downtrend before another rally begins. \u201cIf this chop-season lasts as long as the previous one, it will end around the start of October,\u201d the crypto analyst stated.<\/p>\n

\n

Day 190 of chop-season today.<\/p>\n

The previous summer chop lasted for 219 days, after which price more than doubled in the months that followed.<\/p>\n

If this chop-season lasts as long as the previous one, it will end around the start of October.#Bitcoin<\/a> pic.twitter.com\/dXYMVCbmM9<\/a><\/p>\n

\u2014 Jelle (@CryptoJelleNL) September 4, 2024<\/a><\/p><\/blockquote>\n

Bitcoin Open Interest Flush Good For Price<\/h2>\n

Another crypto analyst who has predicted<\/a> a potential surge in the Bitcoin price is @CredibleCrypto on X (formerly Twitter). The analyst had previously predicted a drawdown for the cryptocurrency. By the middle of the week, the Bitcoin price had completed the drawdown, prompting the analyst to move to the next phase of the prediction.<\/p>\n

Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000<\/a><\/div>\n

According to him, the drawdown below $57,000 could mean that the BTC price is now ready for a recovery<\/a>. He explained that \u201cDidn’t get that move up first unfortunately but we have now hit my downside target so hopefully this just means we are now ready for that relief rally sooner rather than later.\u201d<\/p>\n

The price crash also saw a massive wipe of open interest (OI)<\/a> from the market, but the crypto analyst believes that this could be good, although buyers are yet to arrive. \u201cNice wipe on OI here but no immediate signs of buyers stepping in just yet,\u201d Credible Crypto said. \u201cLet’s see how things develop.\u201d<\/p>\n

\"Bitcoin
BTC price drops to $57,000 again | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Summers have historically been very bearish for the Bitcoin price, and the year 2024 has been no different. Since summer began in June, the price of Bitcoin has been very weak, with multiple flash crashes rocking the pioneer cryptocurrency at various points. So far, the Bitcoin price has gone from over $70,000 to below $50,000 at one point.\u00a0However, this could all be coming to an end as a crypto analyst has pointed out similarities with the summer of 2023 that\u00a0suggest a recovery is imminent. When The Summer Chop Might End Crypto analyst Crypto Jelle, comparing the number of days that previous summer chops have lasted, has come up with a likely timeline for when the Bitcoin price decline could come to an end. Mainly, he takes into account the performance of Bitcoin in the summer of 2023 and how many days it lasted before it officially came to an end. Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally According to the post, the summer chop of 2023 actually lasted a total of 219 days, or approximately seven months. Given that trends like these tend to mirror each other, there is a chance that the current summer chop could last around the same time as that of 2023 did. The analyst points out that the current summer chop has been going on for 190 days, or approximately six months. Going by the duration of summer 2023, it means there is still around one month left to go before the bearish phase is finally over. This suggests that the month of September will continue to be choppy for the Bitcoin price. However, the good news is that it is likely the last month of downtrend before another rally begins. \u201cIf this chop-season lasts as long as the previous one, it will end around the start of October,\u201d the crypto analyst stated. Day 190 of chop-season today. The previous summer chop lasted for 219 days, after which price more than doubled in the months that followed. If this chop-season lasts as long as the previous one, it will end around the start of October.#Bitcoin pic.twitter.com\/dXYMVCbmM9 \u2014 Jelle (@CryptoJelleNL) September 4, 2024 Bitcoin Open Interest Flush Good For Price Another crypto analyst who has predicted a potential surge in the Bitcoin price is @CredibleCrypto on X (formerly Twitter). The analyst had previously predicted a drawdown for the cryptocurrency. By the middle of the week, the Bitcoin price had completed the drawdown, prompting the analyst to move to the next phase of the prediction. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 According to him, the drawdown below $57,000 could mean that the BTC price is now ready for a recovery. He explained that \u201cDidn’t get that move up first unfortunately but we have now hit my downside target so hopefully this just means we are now ready for that relief rally sooner rather than later.\u201d The price crash also saw a massive wipe of open interest (OI) from the market, but the crypto analyst believes that this could be good, although buyers are yet to arrive. \u201cNice wipe on OI here but no immediate signs of buyers stepping in just yet,\u201d Credible Crypto said. \u201cLet’s see how things develop.\u201d Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":639958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-639957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nCrypto Analyst Says The Bitcoin \u2018Summer Chop\u2019 Is Nearing Its End, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Summers have historically been very bearish for the Bitcoin price, and the year 2024 has been no different.\" \/>\n<meta name=\"robots\" content=\"index, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Says The Bitcoin \u2018Summer Chop\u2019 Is Nearing Its End, Here\u2019s Why","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-summer-chop-end\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-summer-chop-end\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin_e54314.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin_e54314.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-09-05T10:30:33Z","datePublished":"2024-09-05T10:30:33Z","dateModified":"2024-09-05T10:30:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Says The Bitcoin \\u2018Summer Chop\\u2019 Is Nearing Its End, Here\\u2019s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-summer-chop-end\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-summer-chop-end\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_e54314.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_e54314.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-09-05T10:30:33Z\",\"datePublished\":\"2024-09-05T10:30:33Z\",\"dateModified\":\"2024-09-05T10:30:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin_e54314.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/639957"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=639957"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/639957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/639958"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=639957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=639957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=639957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}