Is Bitcoin and Altcoins rise in June, or is there a new encryption winter coming?
Bitcoin and most Altcoins showed mixed performance for the first five months of this year, while Bitcoin reached the record twice.
Bitcoin (BTC) first jumped to $ 109,300 in January and set something new for $ 111,900 in May.
Another meme coin surged in January after the official Trump (Trump) began in January, but retreated in the first quarter. Most of them had a strong recovery in April, and some surged more than 200% at the lowest level this year.
The problem is whether Bitcoin and other altcoins will continue to increase in June or whether new encryption winter will begin.
Historically, June is generally one of the worst moons in the encryption market. Most cryptocurrencies fall for a month, and as many investors spend their summer vacation, the volume slides.
Since June 2013, the average bitcoin return is 0.34%and the central value is 0.23%. This is the worst moon after September. Bitcoin also made negative profits in June since 2013.
The performance of Ether Lee in June is not encouraging because most of the year has made negative profits. The average yield since 2016 is 6.8%, the worst month in the year.
Therefore, if history is repeated, encryption winter may occur in June. This period is characterized by a decline in prices or decreased suspension and transaction activities. It is also represented by neutral fear and greed index.
Bitcoin price measures to determine encryption winter
Bitcoin, the largest cryptocurrency, determines whether the encryption winter occurs. Due to the strong surge in new records, the demand for Altcoin, including memes coins, can be new.
According to the daily chart, BTC withdrew from $ 111,900 to $ 104,000 in May. This fullback can be part of the handle formation with a common continuous setting, a cup and handle pattern.
The cup depth is about 32%, and coins can eventually increase to more than $ 144,600. This target is derived by measuring the same distance at the top of the cup.
Therefore, Bitcoin can drive the encryption winter while continuing to form a handle section. If this happens, most Altcoin can continue to fall in June. Fortunately, due to the cup and handle pattern, the encryption winter will go to the encryption spring when the bitcoin is rebounded.