Years have historically been very bearish for the price of Bitcoin, and 2024 was no exception. Since the beginning of summer in June, the price of Bitcoin has been very delicate, with multiple flash crashes rocking the pioneering cryptocurrency at different times. So far, the price of Bitcoin has fallen from over $70,000 to under $50,000 at one point. All of this may be coming to an end, however, as one cryptocurrency analyst has spotted similarities to the summer of 2023, when suggest that recovery is inevitable.

When can the August summer end?

Cryptocurrency analyst Crypto Jelle, comparing the number of days of the previous summer crises, presented a probable timeline for when bitcoin price drop may end. First of all, it takes into account Bitcoin’s performance in the summer of 2023 and how many days it lasted before it officially came to an end.

According to the post, the 2023 summer-shortened weather actually lasted a total of 219 days, or about seven months. Given that such trends tend to mirror each other, there’s a chance that the current summer-shortened weather could last about as long as 2023.

The analyst points out that the current summer slide has lasted for 190 days, or about six months. Given the length of summer 2023, that means there’s about a month left before the slide finally ends.

This suggests that September will continue to be a turbulent month for bitcoin. However, the good news is that this is likely the last month of the downtrend before another rally begins. “If this down season lasts as long as the last one, it will end around early October,” the crypto analyst said.

Today is the 190th day of the cutlet season.

The previous summer price cut lasted 219 days, after which prices more than doubled in the following months.

If this fishing season lasts as long as the last one, it will end around early October.#Bitcoin photo:twitter.com/dXYMVCbmM9

— Jelle (@CryptoJelleNL) September 4, 2024

Bitcoin Open Interest Flush Good for Price

Another cryptocurrency analyst who has Planned potential Bitcoin price growth is @CredibleCrypto on X (formerly Twitter). The analyst had previously predicted a decline in the cryptocurrency. In mid-week, Bitcoin price ended its decline, prompting the analyst to move on to the next phase of the forecast.

According to him, a drop below $57,000 could mean that BTC price is now ready for a rebound. He explained that “unfortunately we didn’t manage to achieve that move up first, but now we’ve achieved my downside target, so I hope it just means that we’re now ready for that relief rally sooner rather than later.”

The price crash also caused a massive loss Open Interest (OI) from the market, but the crypto analyst thinks it could be a good thing, although buyers have not yet arrived. “A nice OI clearing here, but no immediate signs that buyers will step in yet,” Credible Crypto said. “Let’s see how things play out.”

Featured image created with Dall.E, chart from Tradingview.com