Levi Ackerman summarized the mid-term results for Bitcoin (BTC) and the price performance for the summer months between 2011-2019 and figured out that the king coin was losing a minimum of 30%.
Mr. Ackerman demonstrated nine Bitcoin (BTC) price charts to showcase its typical performance over the last nine years. According to his tweet, every summer has brought about at least one bearish cycle with a price collapse of 30-60%.
The most merciless collapse occurred in about nine years ago (Summer 2011). The price Bitcoin (BTC) lost almost 60%, which can be compared to the recent Black Thursday free-fall.
The last three drops were less sensitive, and the net loss for Bitcoin (BTC) managed to stay between 30% and 31%. In 2015, Bitcoin (BTC) came through two consecutive bearish rallies, which resulted in real drama for all Bitcoin (BTC) holders.
Mr. Ackerman asked the most influential traders of Crypto Twitter about their opinions in regard to this tendency, e.g. Michael van de Poppe and Teddy Cleps.
Bulls Should Be Careful, But Not Panic
Dutch cryptocurrencies analyst, trader, and educationist Michael van de Poppe claimed that this is nothing but a 'new narrative'. He recalled that last week, the community was afraid of a possible downward movement caused by a massive futures expiration.
As previously covered by U.Today Crypto News, Mr. van de Poppe dismissed the idea of a bloodbath caused by a futures expiration. According to him, traders will just open new contracts and this long-awaited moment may bring only "intra-day volatility".
However, Mr. van de Poppe indicated new crucial levels for bulls to hold, and is currently located in the sub-$9,000 waters.
All depending on holding $8,600-8,800. If we do, we've got a hidden bullish divergence (I don't do much with them regularly). And another HL. The next test of $10,500 = very likely breakout. Losing $8,600 -> invalidation.
So, the bulls shouldn't brace themselves for double-digit drops, but the last support level is down only 6% from the current price of Bitcoin (BTC), which is at $9,159.