In the past week and a half, the crypto markets have shown a bearish trend, suggesting that the summer slowdown is underway. Many anticipate that bitcoin and the broader crypto economy might face a few uneventful weeks ahead. Onchain analyst Willy Woo believes there could be another one to four weeks of cooling down “before bitcoin price action is sufficiently boring.”
The Boring Summer – Analyst Links Current Bitcoin Stagnation to Post-Halving Behavior
Crypto markets and bitcoin (BTC) prices have been declining recently. Last week, QCP Capital attributed this downturn to a “lack of news flow” and market stagnation. The crypto firm later mentioned that this subdued activity might persist, but they anticipate significant “fireworks” around the U.S. elections.
QCP Capital is not alone in expecting subdued bitcoin price movements. Onchain analyst Willy Woo predicted this trend on June 13. “[Bitcoin] won’t get nice things until more futures bets are purged. Bet more, if you want to be bored,” he added. “In other words, BTC price action will get as boring AF, the trading casino will go away, then [the] price will pump.”
Nine days after his initial comments, Woo revisited the topic of market stagnation on the social media platform X (formerly Twitter), stating, “Eyeballing this model… probably 1-4 weeks more of cooling down before bitcoin price action is sufficiently boring,” he said. “Chart: Intensity of speculators playing casino games.” Woo is not alone in his view that tedium has overtaken bitcoin markets. This week, long-term crypto and stock investor Jelle weighed in on the matter.
“Bitcoin still testing the lower end of the ascending triangle,” Jelle noted. “Must hold here, or it starts looking like it’ll be a boring summer. Bounce, and the targets are $72,000 & $100,000.” Two days prior, the analyst’s X account updated its 87,000 followers:
Months of sideways price action — the most boring phase of the bull market. Foundations are being laid for the next leg higher.
Crypto investor and advisor Quinten Francois noted that the current market behavior mirrors the activity following the 2020 Bitcoin halving. “After the Bitcoin halving in 2020, BTC ranged 150 days in a boring price range between $9,000-$11,000,” Francois remarked. “We are currently 60 days after the halving and people are deeply depressed about the price action. Every cycle again.”
What do you think about the experts who believe a boring crypto summer has taken hold? Share your thoughts and opinions about this subject in the comments section below.
