"Bitcoin expected to show weakness in Q3... Optimism rises for Ethereum"

Heecheol Yang

Summary

Major analysts reported that the price of Bitcoin may enter a short-term correction phase in Q3.
Meanwhile, optimism regarding Ethereum is rising, and it has significantly recovered since hitting its low in April.
Historical data shows that Bitcoin has tended to be weak in Q3, but has typically posted a strong rebound in Q4.

Contrary to the market's anticipation that Bitcoin (BTC) will reach new all-time highs, major analysts have predicted that in the short term, Bitcoin's price could enter a correction phase during the third quarter.

On the 11th (local time), Cointelegraph stated, "Bitcoin may experience a short-term correction," and added, "While uncertainty prevails for Bitcoin, optimism is increasing for Ethereum." According to CoinMarketCap, Ethereum hit a low of $1,472 on April 9, but recovered to $2,793 that day.

Brian Quinlivan, a Santiment analyst, said, "The market tends to move contrary to the expectations of retail investors," adding, "This usually signals that the market is not yet fully prepared for a bull run."

Sean Dawson, Head of Delphi Research, also expected that "Bitcoin is likely to perform poorly in Q3 this year." He explained, "Despite political pressure for rate cuts, the Federal Reserve is expected to keep rates on hold, which may undermine the appeal of Bitcoin's returns."

According to CoinGlass data, since 2013, Bitcoin has showed the weakest performance in the third quarter, with an average return of 6.03%, but recorded the strongest rebound in the fourth quarter with an average return of 85.42%.

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