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 experienced multiple flash crashes, dropping from over $70,000 to below $50,000.
However, crypto analyst Crypto Jelle suggests that this bearish trend might be ending soon. He notes similarities with the summer of 2023, where the downtrend lasted 219 days. Currently, the recent summer chop has been ongoing for 190 days, indicating it might end by early October.
Another analyst, CredibleCrypto, supports this positive outlook, stating that a recent price drawdown below $57,000 could signify an impending recovery. This analyst believes that the reduction in open interest (OI) from the market could pave the way for a relief rally soon.
