Bitcoin’s (BTC) price has experienced a short-term recovery, making attempts to secure substantial gains above the $29,000 level while the asset maintains a sideways trading pattern. As the market anticipates a potential price rebound beyond the $30,000 mark, historical data suggests that Bitcoin might encounter a bumpy ride in the upcoming months.
In particular, an analysis by prominent pseudonymous crypto market analyst Fiery Trading shared in a TradingView post on July 26 indicates that Bitcoin could be in for challenging months during the third quarter. The analysis suggests the asset has been facing bearish performance during its pre-halving phase.
According to the analyst, the cryptocurrency has historically experienced a downturn during this time frame, with all three pre-halving years showing a significant price drop, surpassing 20% at some point.
The analysis indicates that a potential 20% drop from the current monthly open could result in Bitcoin’s price declining to $25,
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