Enjoy Bitcoin’s Rally Now, but Brace for a Painful August: Analyst

Will history repeat in August with another leg down? Although it was stopped at its monthly peak of $67,000 earlier this week, July has gone quite favorably for the primary cryptocurrency for now, showing a double-digit surge from its early low of under $58,000 to roughly $65,000 as of press time. However, popular analyst Ali Martinez brought up a painful historical pattern suggesting that the bears are about to return in August. Good July, Bad August? We know that historical performance rarely translates into successful price predictions. However, BTC’s moves in July have largely aligned with almost all previous Julys. As such, the warning from Martinez should be taken under careful consideration. The analyst noted that investors should “enjoy the current rally,” but stop and take a look at the seasonal trend. He added that every single August since 2022 has been in the red, which is confirmed by data from CoinGlass. This streak of four consecutive Augusts with retracements brought some violent declines, such as the 14% drop in 2022 and the 11.3% dip a year later. If we go back further in history, though, we can see that there have been some quite promising exceptions during the e...