Bitcoin has just ended its bloodiest quarter in history
Bitcoin price trades at $ 34,371, about 50% off its high from early April. Since then, however, BTC has consistently underperformed to set the bloodiest Q2 record in crypto history.
Here is the data behind the devastating candle for the second quarter of 2021, a closer look at the quarterly price chart, and what could happen in the final two quarters of the year.
The bloodiest second quarter
The data doesn’t lie, and for now, the numbers say the June closing price is setting a record for the worst second quarter on record. That’s right, after the worst sell-off last May, the second quarter of 2021 has fallen to its worst ever level.
Even if the bulls come back strong, there is no chance of undoing the record that previously targeted the overwhelmingly bullish bias for the cryptocurrency.
Previous Q2 was very good for Bitcoin | Source: Yahoo! Finances
Q2 2020 performance was indeed one of the best quarters for crypto, with Q1 2019 topping the list. 2017 was similarly cheap, only two of the last ten years were red. However, the second quarter of this year was not only in the red, it was also down 40%.
Looking at the quarterly price chart below, there are only a handful of similar red candles, each in a bear market, not a bull market. But after Bitcoin experienced such an uncomfortable move and wiped out the leverage, it is likely that Bitcoin will go much higher for the rest of the year.
Red blood is even more prominent on the quarterly price charts | Source: TradingView
What will the rest of the year be like?
After two quarters of 2021 have passed, it is now hard to say that 2021 will be the best year for Bitcoin yet.
The first quarter raised all expectations, but since then almost all candles have been devoured. Q2 was a losing quarter or at least three months without a price increase.
The positive news is that just one look at the quarterly candles in the graph above shows that significant support is building at or around $ 14,000. Even if Bitcoin falls into a bear market earlier than most people expect, that is a theoretical low – meaning it will never be seen below five digits again.
Cases of three consecutive quarter candles of the same color are extremely rare. Even if the 3rd quarter is almost as bloody as the 2nd quarter, Bitcoin could still end the year.
New price indicator for Bitcoin
Bitcoin forms a new price indicator in June – and this cannot refer to anything other than the day of the week.
In the latest Telegram market update, dated June 30th, trading company QCP Capital announced that its “Tuesday turnaround” indicator captured all of the BTC prices over the past month.
According to analysts, while Bitcoin trades in a predictable range with little variance, it has still shown behavioral patterns over the past few weeks.
The focus is on what BTC / USD does on Tuesdays. For the past four weeks, the pair has spread its range highs or lows every Tuesday, with this week no exception.
“The pattern for this month so far is the highs and lows of the ticking range on Tuesday,” QCP to confirm.
Since then, there has been a brief pullback below $ 30,000, with this “technical warning” subsequently setting aside $ 30,000 as support.
“Accordingly, BTC has formed a moderate upward trend,” summarizes the market update.
BTC / USD chart with “Tuesday bills” highlighted | Source: QCP Capital
After hitting 36,630 high on Tuesday (June 29), QCP is forecasting a target below $ 40,000 for BTC / USD next Tuesday (July 6).