Bitcoin is currently down 23% from its peak price, with most of those losses coming over the past week.
The summer crash had been predicted on the premise that the four-year cycle was too early to peak.
On July 7, market analyst Benjamin Cowen eyed the Bitcoin bull market support band (BMSB) as a key technical indicator to determine if the asset will recover later this year.
BMSB a Key Indicator
The analyst compared current trends to historical patterns from 2013, 2016, 2019, and 2023, particularly examining BTC’s relationship with its BMSB.
He suggests that Bitcoin’s performance in Q4 2024 may depend on whether it can rise above the BMSB in the coming weeks.
In 2023, Bitcoin dropped below its BMSB in August, stayed below it for a few weeks, and then rallied hard in Q4.
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