Just how bad is it for Bitcoin and the crypto market?
- Bitcoin has experienced a significant drop below $60,000 for the first time in a while.
- April has historically been a green month for Bitcoin in an election year, but this year it was red, showing a deviation from history.
- May is also historically a green month for Bitcoin in election years.
- Bitcoin has never played out more than two consecutive downside months in an overall bull market.
- The accumulation distribution indicator shows a positive slope, indicating a long-term move to the upside.
- The indicator's slope changes in the extreme zones can correlate with macro shifts in direction.
- Bitcoin is currently testing prior all-time highs and there should be an opportunity for it to move up again.
- The ideal scenario for bullish investors would be for Bitcoin to come down to the red moving average, find a low, and close the month up with a bullish signal.
Bitcoin has experienced its first ever red April in an election year, deviating from historical trends. April saw a 15% move to the downside, which is significant. May historically has always printed a green month for Bitcoin in election years, but this may not be the case this year. Additionally, Bitcoin has never played out more than two consecutive downside months in a bull market. The accumulation distribution indicator shows that Bitcoin is likely to move to the upside long term. However, it is uncertain how far down Bitcoin can go before it bounces back up. The red moving average is where Bitcoin bulls should be hoping for a low to be put in before closing the month up, which would signal the market to continue to new all-time highs throughout the rest of the year.
Bullet Summary:
- Bitcoin experienced its first ever red April in an election year, deviating from historical trends
- May has always historically printed a green month for Bitcoin in election years, but this may not be the case this year
- Bitcoin has never played out more than two consecutive downside months in a bull market
- The accumulation distribution indicator shows long term upside for Bitcoin, but it is uncertain how far down it can go before bouncing back up
- Bulls should be hoping for a low near the red moving average before closing the month up to signal continued growth throughout the year.
- April has historically been a green month for Bitcoin in an election year, but this year it was red, showing a deviation from history.
- May is also historically a green month for Bitcoin in election years.
- Bitcoin has never played out more than two consecutive downside months in an overall bull market.
- The accumulation distribution indicator shows a positive slope, indicating a long-term move to the upside.
- The indicator's slope changes in the extreme zones can correlate with macro shifts in direction.
- Bitcoin is currently testing prior all-time highs and there should be an opportunity for it to move up again.
- The ideal scenario for bullish investors would be for Bitcoin to come down to the red moving average, find a low, and close the month up with a bullish signal.
Bitcoin has experienced its first ever red April in an election year, deviating from historical trends. April saw a 15% move to the downside, which is significant. May historically has always printed a green month for Bitcoin in election years, but this may not be the case this year. Additionally, Bitcoin has never played out more than two consecutive downside months in a bull market. The accumulation distribution indicator shows that Bitcoin is likely to move to the upside long term. However, it is uncertain how far down Bitcoin can go before it bounces back up. The red moving average is where Bitcoin bulls should be hoping for a low to be put in before closing the month up, which would signal the market to continue to new all-time highs throughout the rest of the year.
Bullet Summary:
- Bitcoin experienced its first ever red April in an election year, deviating from historical trends
- May has always historically printed a green month for Bitcoin in election years, but this may not be the case this year
- Bitcoin has never played out more than two consecutive downside months in a bull market
- The accumulation distribution indicator shows long term upside for Bitcoin, but it is uncertain how far down it can go before bouncing back up
- Bulls should be hoping for a low near the red moving average before closing the month up to signal continued growth throughout the year.