Analysts from the Skew research team, which addresses on-chain data for top-level cryptocurrencies, indicated that Q2, 2020 was very profitable for Bitcoin (BTC) bulls.
High base effect
According to the numbers revealed by Skew team, Bitcoin (BTC) managed to close quarterly statistics of price performance above its present level only twice.
Such great quarterly closes enriched traders in Q4, 2017 and Q2, 2019. Also, Bitcoin (BTC) closed Q3, 2019 9% lower than it is closing today. The rest of the results are much weaker.
In terms of price performance, this quarter isn’t among the leaders even with very bright 42.43% gains. To compare, Q2, 2019 and Q2, 2017 brought triple-digit gains to owners of the king coin.
Prior to Q2, 2020, the Bitcoin (BTC) price had declined for three ‘closes’ in a row. Despite the ‘Xi Spike’, all three periods resulted in double-digit losses.
Nothing good happens in Q3
Typically, third quarters are very challenging for the flagship cryptocurrency. With the exception of the historic rally of 2017, it managed to gain 2.9% only once.
So, ‘Sell in May and go away’, a mantra used by stock trading experts, has worked for the crypto segment as well.
As covered by U.Today Crypto News, Bitcoin (BTC) trader and corporate lawyer Levi Ackerman published a horrible prediction for Q3, 2020.
He figured out that every Summer in the last 9 years has resulted in at least one double-digit drop in the Bitcoin (BTC) price. Typically, the price of the crypto king collapsed 30-60%. In 2015, Bitcoiners witnessed two declines in a row. However, seasoned analysts suppose it may mostly be a coincidence.