{"id":541410,"date":"2023-07-06T03:00:36","date_gmt":"2023-07-06T03:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=541410"},"modified":"2024-06-11T08:13:27","modified_gmt":"2024-06-11T08:13:27","slug":"blame-the-supermoon-if-bitcoin-crashes-or-rallies-towards-35000-in-july","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/blame-the-supermoon-if-bitcoin-crashes-or-rallies-towards-35000-in-july\/","title":{"rendered":"Blame The “Supermoon” If Bitcoin Crashes Or Rallies Towards $35,000 In July"},"content":{"rendered":"

If historical Bitcoin price performance leads, one trader is adamant that the coin is at a critical inflection point at spot rates. Based on astronomical patterns and moon arrangement, trading desk QCP Capital believes<\/a> <\/span>Bitcoin prices can swing higher in a bull run towards the $33,000 to $35,000 level, reversing following sharp losses in 2022. Conversely, after a recovery that has seen Bitcoin price rally 20% from mid-June 2023, there can be a contraction that may see the coin dip after an impressive performance in the past few trading weeks.<\/span><\/p>\n

Supermoons Coincide With Key Bitcoin Price Reversals<\/span><\/h2>\n

Based on technical and fundamental actions, the trading desk cited the past performance of Bitcoin at different cyclical stages. For instance, when Bitcoin fell in the early days of 2020, primarily due to fears of the far-reaching consequences of lockdowns brought by the COVID-19 pandemic, it posted a 161% rally from early March to May 2020. <\/span><\/p>\n

The same was observed from mid-June to August 2022 when Bitcoin, at the depth of the last cyclical bear market, prices soared 43%. Marking peaks, Bitcoin corrected from the end of April to June 2021, falling 51% in a predominantly bullish market.<\/span><\/p>\n

\"BTC<\/a>
BTC price on July 5| Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

According to the trading desk, major reversals in bearish and bullish runs occurred during a “supermoon.” In astrology, a supermoon is a full moon that forms when the moon is at its closest point to the Earth in its elliptical orbit. The moon appears brighter than usual during this time and happens only once or twice a year. A supermoon formed on July 4, and the trader believes Bitcoin is at a critical reaction point.<\/span><\/p>\n

Related Reading: AAVE Records 26% Weekly Gain, Looks To Break Key Resistance<\/a><\/div>\n

For years, there has been a belief that supermoons correlate with bullish markets. However, no scientific findings support this, and neither have statistical correlations. Still, based on the trader’s analysis, the multiple correlations and timing of peaks and bottoms of Bitcoin prices during supermoons can be used to predict BTC markets.<\/span><\/p>\n

Will Prices Rally Or Dump?<\/span><\/h2>\n

While it is yet to be seen whether BTC will edge higher, breaking above $31,300 and rally towards the $35,000 zone, the trading desk says fundamental factors will play a critical role and remains bullish that BTC may rally to within the $33,000 to $35,000 liquidation zone. <\/span><\/p>\n

Overall, monitoring how the Federal Reserve of the United States will implement its monetary policies will be necessary in the future. Although inflation has been dropping, the trader observes that it has not fallen low enough to warrant a rate cut. Rate cuts tend to move the capital to store-of-value assets from which Bitcoin will likely benefit.\u00a0<\/span><\/p>\n

Related Reading: Analyst Says XRP Will Reach $100, Here\u2019s Why<\/a><\/div>\n

On a more pessimistic side, the trading desk expresses caution saying BTC has strong resistance at spot levels since the recent leg up was most likely the fifth and the last wave from November 2022 lows. At the same time, the $33,000 to $35,000 resistance zone is a critical resistance trend line. <\/span><\/p>\n

For this reason, any dump may see BTC retest the $24,000 and $26,000 support zone.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

If historical Bitcoin price performance leads, one trader is adamant that the coin is at a critical inflection point at spot rates. Based on astronomical patterns and moon arrangement, trading desk QCP Capital believes Bitcoin prices can swing higher in a bull run towards the $33,000 to $35,000 level, reversing following sharp losses in 2022. Conversely, after a recovery that has seen Bitcoin price rally 20% from mid-June 2023, there can be a contraction that may see the coin dip after an impressive performance in the past few trading weeks. Supermoons Coincide With Key Bitcoin Price Reversals Based on technical and fundamental actions, the trading desk cited the past performance of Bitcoin at different cyclical stages. For instance, when Bitcoin fell in the early days of 2020, primarily due to fears of the far-reaching consequences of lockdowns brought by the COVID-19 pandemic, it posted a 161% rally from early March to May 2020. The same was observed from mid-June to August 2022 when Bitcoin, at the depth of the last cyclical bear market, prices soared 43%. Marking peaks, Bitcoin corrected from the end of April to June 2021, falling 51% in a predominantly bullish market. According to the trading desk, major reversals in bearish and bullish runs occurred during a “supermoon.” In astrology, a supermoon is a full moon that forms when the moon is at its closest point to the Earth in its elliptical orbit. The moon appears brighter than usual during this time and happens only once or twice a year. A supermoon formed on July 4, and the trader believes Bitcoin is at a critical reaction point. Related Reading: AAVE Records 26% Weekly Gain, Looks To Break Key Resistance For years, there has been a belief that supermoons correlate with bullish markets. However, no scientific findings support this, and neither have statistical correlations. Still, based on the trader’s analysis, the multiple correlations and timing of peaks and bottoms of Bitcoin prices during supermoons can be used to predict BTC markets. Will Prices Rally Or Dump? While it is yet to be seen whether BTC will edge higher, breaking above $31,300 and rally towards the $35,000 zone, the trading desk says fundamental factors will play a critical role and remains bullish that BTC may rally to within the $33,000 to $35,000 liquidation zone. Overall, monitoring how the Federal Reserve of the United States will implement its monetary policies will be necessary in the future. Although inflation has been dropping, the trader observes that it has not fallen low enough to warrant a rate cut. Rate cuts tend to move the capital to store-of-value assets from which Bitcoin will likely benefit.\u00a0 Related Reading: Analyst Says XRP Will Reach $100, Here\u2019s Why On a more pessimistic side, the trading desk expresses caution saying BTC has strong resistance at spot levels since the recent leg up was most likely the fifth and the last wave from November 2022 lows. At the same time, the $33,000 to $35,000 resistance zone is a critical resistance trend line. For this reason, any dump may see BTC retest the $24,000 and $26,000 support zone. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":541411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14618,679,768,88571],"class_list":["post-541410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bulls","tag-bitcoin-price","tag-bitcoin-trading","tag-supermoon"],"acf":[],"yoast_head":"\nBlame The "Supermoon" If Bitcoin Crashes Or Rallies Towards $35,000 In July<\/title>\n<meta name=\"description\" content=\"Bitcoin prices are at a point of inflection and may either rally to $35,000 or drop to $24,000 level as a supermoon forms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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