Bitcoin Through August, 2018
Frank on Market Insights | 
WHILE CRYPTO NEVER SLEEPS, WE CAN STILL MEASURE PERFORMANCE PERIODICALLY. And with August ending in a few hours, it’s a good time to discuss what’s transpired from a pure price perspective.
Bitcoin (BTC) is set to log a monthly decline for the fifth time in the first eight months of 2018. While its price history is brief, this clip (62.5% of all 2018 months so far) is near the bottom of all years. Here’s the rundown:
# of Down Months by Year Since 2011:
2011: 6
2012: 2
2013: 3
2014: 8
2015: 5
2016: 4
2017: 2
2018: 5…
BTC was down two straight months in May and June of this year but hasn’t logged three straight monthly declines since March, 2015 – May, 2015. That was near the tail end of a pretty brutal period, which saw the leading crypto lose over 80% of its value.
At its worst levels this year (late June), Bitcoin was 70% below its December, 2017 peak. YTD, Bitcoin now is approximately -50%.
Needless to say, then, BTC remains in a downtrend. However, many Bulls have suggested that it has bottomed. This has yet to be determined. It could be in the process of bottoming, indeed. At the very least, though, we’ll first need to see a rally survive longer than a few weeks. This hasn’t happened.
Thus, as we enter September, it will be important for BTC to find demand ABOVE 6,000, create a formidable higher low and then build a real, trustworthy bullish formation.
The damage has been real, therefore, the repair process remains ongoing.
