Since 2017, Bitcoin has not seen three positive consecutive quarters. That is what historical data shows.
BTC (Bitcoin) has not seen three positive consecutive quarters since 2017, according to the latest data from Skew. For the first time in three years, it would be three consecutive winning quarters if BTC ends Q4 with a net gain.
Nevertheless, historical data is not in favor of BTC. It is because the last two Q4s closed with 42.54% and 13.6% drops, in 2018 and 2019, respectively.
Bitcoin saw five positive consecutive quarters to record an all-time high by the end of 2017, from late 2016 to 2018.
Analysts are attributing that historical rally to two major factors. First is that BTC saw massive mainstream frenzy major markets, including South Korea and the United States. Second is that Bitcoin came off a block reward halving in July 2016. It is a generally bullish milestone event for the network.
A block reward halving has a positive impact on the price of Bitcoin. It is because it has a direct effect on its newly issued supply. Causing the circulating supply to drop over time, a halving decreases the rate at which new Bitcoin is created by half.
After halving, Bitcoin tends to see big rallies. The problem was in 2016. After halving occurred, the post-halving came fifteen months. Thus, some analysts have indeed drawn similarities with how the starting of that bull run to the current period.
The halving occurs every four years. It happened in May 2020. Bitcoin will most probably see an explosive rally by the last quarter of 2021, f a similar cycle as 2016 plays out.
However, Bitcoin has underperformed amid the fourth quarter since 2018. For various reasons, the subpar performance could be cyclical. Investors in the United States could sell BTC for clarity on year-end taxation.
That is the current news of the cryptocurrency market.
- Trading Instrument